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New Home Sales Surge To Highest Since Feb 2008 (As Existing Home Sales Plunge)
At 522,000 new homes sold (SAAR) in August - the highest since February 2008 - it is perhaps worth noting that this 'recovery' remains 60% below the prior bubble peak. Furthermore, this surge to new cycle highs comes in the same month as existing home sales plunged.
Spot The Disconnect #1...
Spot The Disconnect #2...
And here is the "recovery" in context:
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Mansions for the Chinese and cardboard boxes for everybody else.....
Be nice to know who these "buyers" are. I dont know anyone buying a new fucking house.
I am around a lot of 62-65 folks. I have a bunch of friends who have sold their 4 bedroom homes to move into single level 2 or 3 bedroom homes without lawns or pools.
Fuck moving the lawn!
That is the cry of the aging boomers.
I know one couple in their mid-30's that just moved into a house they had built. I know of no one in their 20's or any other age group for that matter. - Long Island (Suffolk). I wonder how many of the existing home sales are simply Banks bidding on "their" own properties at the Auction block?
Big private money using either direct government support or free debt. The marching orders are to prop up the housing market until it's time to pull the plug.
No real buyers.
That is my guess too. Margins are being dropped to keep the numbers up but at this point I have to assume the "buyers" are not individual unrelated parties.
Just can't see it.
If it's Federal Reserve money, no need to worry about being audited. Maybe some day they'll stop fighting an audit...after they replace the auditors with their people.
Look at mortgage apps. Somewhere around 15 year lows. A lot of big money foreigners parking money here in cash sales.
Boy, if I had a house I sure would be trying to sell right now. Sadly, I think if you didn't you missed the boat. Now you are stuck where you are.
That depends on what state you are in, when you bought and how many times your loan was sold.
If you know you can default and keep the home, rent it and move.
"There is nothing wrong with the video
Don't attempt to adjust the picture.
We control the horizontal
We control the vertical
We control all you see and hear"
Welcome to the central banker controlled media
and state.
IOW you can't believe any of the numbers.
China doesn't even believe the data points out of these knuckleheads. Oh, and if housing was going so great, why isn't lumber setting new highs?
Buying existing homes is totaly 1970's, we need more debt to keep up with our coworkers lavish credit fueled lifestyles.
"THEY MOVED THE GRAVESTONES BUT LEFT THE BODIES!"
sorta like "gotta get" that new iphone instead of being happy with just a simple phone..nothing but Greed...no surprises here..USA,USA,USA.
What's the margin of error?
100%
just started a another 1000 unit multifamily complex near here...no one moves into these things and there are no new companies...I have no idea what the scam is...but it is a scam
its for the Syrian refugees
Watching documentaries or certain programming you can see how so many cultures are happy as a hog in mud and they have a hut, their family, and a simple method to survive. Time to reasess or just keep dwindling as a society.
I take it you're not talking about this family:
https://www.youtube.com/watch?v=PV_YAeXOSiw
"so many cultures are happy as a hog in mud and they have a hut, their family, and a simple method to survive."
If they are so happy, then why are so many in the third world fleeing to welfare countries in Europe and the US?
Having seen the inside of more than a few existing (US) homes, they are agglomerations of tasteless, tactless, uncaring, funk. Foreign buyers want new surfaces with a modicum of consistency.
That is so plus most are just too darn big. Who wants a million dollar utility bill? Currently I rent but once property values reflect fundamentals, I will have a house built and I will not have a mortgage.
Having seen the inside of more than a few new (US) homes,
they are agglomerations of tasteless, tactless, uncaring, funk.
new home "sales" are counted when contract signed.
You know, when you visit the model home ... and the beautiful 20 something sales girl actually smiles AT YOU. Of course, you'll sign ... ANYTHING.
When do people visit model homes? Weekends. How many saturdays and sundays in august? 5
Calendar effect
Now how many of those "sales" actually make it to closing??
Here in the Inland Empire area of SoCal (outside orange county), new homes with small yards, community playgrounds and around 2400 sq ft are selling fast. Selling in low to mid $400s, and makes more sense for the young families than renting. Yea, still close to $200.00/ sq ft, but at least its one bright spot in a dark, dark pond.
No disconnect, just a sign of dropping demand.
New Homes are on a different scale. You can see from the first graph it's about 10:1 ratio (Existing vs New). So while Existing is plunging 200K, New is rising 50 K. People can be choosier in a buyer's market, why not a new house vs a used one.
Shaigetz! Goy! New houses built by kosher owned home builders. Kosher run government buy many new homes from kosher builders for hordes of non-white invaders. UNHCR set them up in kosher built houses. Organized kosher crime syndicates make many shekels. Resettlement of black ‘refugees’ is become very big industry. Kosher built new apartment buildings very big now too. Refugees get free housing, free food, free car, free everything. Kosher tribe make big money off stupid white goyim breaking backs just trying survive. Hahaha. Oy vey!!
I only buy kosher
so is ZH saying the run up period between 2000 and 2007 was normal for new home sales? Not sure even the most optomistic people expect that to come back(soon). It was driven by a bubble after all. A side from that, the solid new home sales data is more important to the economy than the negative existing home sales data.
The run up was soley based on the easy money available throughout that time frame.
So many people think that it is going to happen again in the future. It will not.
if we get negative interest rates it will
Look at lumber prices. They spiked up off the August lows in September and have since completely tanked back below the August lows.
That huge inventory build across all manufacturing classes over the last few months is falling into the shitter.
I am gross and perverted
Im obsessed n deranged
I have existed for years
But very little had changed
I am the tool of the government
And industry too
For I am destined to rule
And regulate you
I may be vile and pernicious
But you can't look away
I make you think Im delicious
With the stuff that I say
I am the best you can get
Have you guessed me yet?
I am the slime oozin out
From your tv set
You will obey me while I lead you
And eat the garbage that I feed you
Until the day that we don't need you
Don't got for help...no one will heed you
Your mind is totally controlled
It has been stuffed into my mold
And you will do as you are told
Until the rights to you are sold
That's right, folks..
Don't touch that dial
Well, I am the slime from your video
Oozin along on your livinroom floor
Hillary says it takes a Potemkin Village to raise the kids
These figures and statistics are porked
more than a three dollar whore