New Home Sales

Pending Home Sales Tumble, Unchanged Since June 2013

After modest bounces in existing and new home sales (despite weakness in starts and permits and mortgage application declines), pending home sales in May tumbled 0.8% MoM and were revised even lower (-1.7%) in April. This dismal print was below all economists' expectations, missing by 4 standard deviations. This is the 3rd straight monthly drop and 2nd straight annual decline in pending home sales.

Italy Bank Bailouts Send European, Global Stocks Higher; Gold Flash Crashes

S&P futures point to a higher open following gains in Asia but mostly Europe, where stocks are sharply higher following the €17 billion bailout of the two Veneto banks in Italy, the biggest taxpayer funded bank rescue in modern Italian history, as well as Dan Loeb's activist campaign of the world's biggest food company, Nestle

New Home Sales Rebound From April Collapse As Median Price Hits All Time High

Following the modest bounce in existing home sales (and disappointment in starts and permits), new home sales bounced in May to 610k (after plunging 11.4% in April, now revised to a 7.9% drop). Of particular note is that median new home prices surged to $345,800 - an all-time record high, with the biggest 3-month spike since Jan 2011.

Prepare For A Surge In Volume: Russell Rebalance Day Is Here

Welcome to the one year anniversary of the Brexit vote. Welcome also to the annual Russell rebalance, traditionally one of the busiest trading days of the year: last year's rebalance helped propel a near record turnover of over 15 billion shares. In fact, in four of the last five years, reconstitution day ranked in the 10 busiest trading sessions.

Mark Hanson: Housing Bubble 2.0 - The End Is Nigh?

"If, the past 8-years of a Fed in Armageddon-mode created the 'everything bubble', what will shifting monetary policy into reverse do to said asset price levels? ..Remember, a 'house-price recovery' and 'housing market recovery' are two vastly different things."

Key Events In The Coming Quiet Week: Brexit, Housing And Lots Of Fed Speakers

In an otherwise relatively quiet week in which the only upcoming US data is housing, current account and jobless claims, UK politics will again draw attention, one year (on Friday) after the Brexit referendum and as noted earlier, Brexit negotiations begin on Monday, despite lingering political uncertainty in the UK. Also no less than 9 FOMC members are scheduled to speak this week.

Global Stocks Jump, Dow Futs At New All Time Highs As Brexit Talks Begin

S&P futures rose 0.3% in subdued trading with Dow Jones futs once again in record territory as European stocks jump 0.6% following Sunday's landslide victory for Macron's party in the French parliamentary elections and as Brexit negotiations are set to officially roll out on Monday.

Will Millennials Ever Become A Generation Of Homeowners: BofA Has A Troubling Answer

"While young adults can generally afford housing, there are other constraints including the ability to make a large enough downpayment and tighter credit standards. Lifestyle changes are partly to blame.  These dynamics won't change in the medium-term which should translate to a lower equilibrium pace for single family housing starts."

They're Killing Small Business: The Number Of Self-Employed Americans Is Lower Than It Was In 1990

Once upon a time, America was the best place in the world for those that wanted to work for themselves.  Our free market capitalist system created an environment in which entrepreneurs and small businesses greatly thrived, but today they are being absolutely eviscerated by the control freak bureaucrats that dominate our political system. As a result, the number of self-employed Americans is now lower than it was in 1990

Existing Home Sales Slump As Prices Soar To Record Highs

Following yesterday's collapse in new home sales, NAR reports that existing home sales in April also disappointed - dropping 2.3% (and March revised lower). This drop happens as median home prices spiked 6.0% YoY to record highs as sales declines are blamed once again on a lack of supply (forget affordability?).

China Downgrade Forgotten As Asia Closes Higher, Futures Flat Ahead Of Fed Minutes

Not even last night's Moody's credit downgrade of China - the first since 1989 - could dent the global stock rally which has pushed global stock prices to all time highs. After initially sliding, regional stocks and emerging Asian currencies pared early losses following the unexpected downgrade of China, taking their cue from the "sudden reversal" of the Shanghai Composite Index, which some speculated saw the latest intervention of the "national team."