Home sales off-the-charts

[Dot Com]

Thank you President Obama & Sen. Warren (D-MA) for Dodd/Frank & The CFPB

Existing home sales surge prices hit record

Existing homes were sold at the fastest pace in eight years last month and the median sales price reached an all-time record high, the National Association of Realtors said Wednesday.

Sales increased 3.2% to a seasonally adjusted annual rate of 5.49 million in June. Economists had forecast that homes sold at a 5.4 million annual rate, according to the median estimate of those surveyed by Bloomberg. May sales were revised down slightly to annual pace of 5.32 million.

 

[SassyIrishLass]

Oops......

American Dream Slipping as Homeownership at 18-Year Low - Bloomberg Business

 

[DrDoomNGloom]

Oops......

American Dream Slipping as Homeownership at 18-Year Low - Bloomberg Business

You have to wonder if they have a fucking clue about what is actually happening in current affairs ................

 

[DrDoomNGloom]

Warning signs in the housing market
By Paul R. La Monica @lamonicabuzz

New homebuyers: Time to buy?
Do consumers and investors need to be worried about another housing bubble?
Hopefully, the answer is no. But the question can't be ignored.

The housing market has roared back to life in the past few years. Times are once again good for big homebuilders such as Lennar (LEN) and KB Home (KBH), which both reported solid earnings reports earlier this month.

Other companies with strong ties to the housing market are doing extremely well too.

Home Depot (HD) and Lowe's (LOW) are near all-time highs. Business is booming for paint maker Sherwin-Williams (SHW), mattress king Tempur Sealy (TPX) and appliance manufacturer Whirlpool (WHR).

Look at the chart below. It shows the performance of two key housing exchange-traded funds: the iShares U.S. Home Construction (ITB) and SPDR S&P Homebuilders (XHB) ETFs.

Both of them are now at their highest levels since early 2007.

In case you forgot what happened to the housing market and economy shortly after that, the chart should serve as a painful reminder.

Now I'm not suggesting that the housing market is about to crash again. But with prices starting to perk up once more, some markets may be a bit frothy.

This is purely anecdotal. But it seems like a lot of people have become obsessed with Zillow (Z) estimates for their homes once more. That's definitely a sign that there is some speculative nature to the market again.

How long can this last? Mortgage rates have started to increase and could head higher once the Federal Reserve finally starts to hike interest rates.

At a bare minimum, the refi boom may be over. And if mortgage rates really spike higher, we could start to see a slowdown in both existing and new home sales.

Fortunately, there are no signs of that yet. Home sales topped expectations last month. But building permits plunged in February. Some of that may be due to the weather. But not all of it.

Related: Oil crash may kill the Texas housing boom

The huge drop in oil prices could hurt demand for housing in markets with close ties to the energy industry. Good luck trying to blame weakness in Texas and Louisiana on the winter weather.

And even though the job market is improving, many younger people are still choosing to rent (or live at home with their parents) instead of buying. That trend may continue if mortgage rates climb further.

Luckily, banks have tightened credit since the last housing bubble. Lenders are in much better fiscal shape than this time eight years ago. There shouldn't be another subprime meltdown.

But don't be surprised if the housing market starts to cool off for a bit given how spectacular the rebound has been. And if that's the case, economic growth may start to slow a little as well.

Warning signs in the housing market - Mar. 25 2015

 

[Sonny Clark]

Thank you President Obama & Sen. Warren (D-MA) for Dodd/Frank & The CFPB

Existing home sales surge prices hit record

Existing homes were sold at the fastest pace in eight years last month and the median sales price reached an all-time record high, the National Association of Realtors said Wednesday.

Sales increased 3.2% to a seasonally adjusted annual rate of 5.49 million in June. Economists had forecast that homes sold at a 5.4 million annual rate, according to the median estimate of those surveyed by Bloomberg. May sales were revised down slightly to annual pace of 5.32 million.

GREAT NEWS. Thanks.

 

[Dot Com]

^ yes it is

 

[Jomama]

Great news, although you overhyped it. Median home value shows both the rising cost of a home (more sqare footage, more amenities, etc) and the actual value of a home, so it's not a great indicator.

Now that my home value is back to 2005, all I need is those 10 years back and everything will be just peachy.

 

[Dot Com]

Housing prices fluctuate. I thought you people learned that in 2008? Anyway, thanks to the public's faith in 44's leadership, values are rising again.

 

[boedicca]

How amusing to see Dottie celebrate HEDGE FUNDS buying up houses with ZIRP dollars from the Fed in order to turn lower middle class people into Rent Serfs.

 

[Dont Taz Me Bro]

Thank you President Obama & Sen. Warren (D-MA) for Dodd/Frank & The CFPB

Existing home sales surge prices hit record

What did they do to make this happen?

 

[Dot Com]

^ took charge and instigated changes in the rigged system. Repubs, predictably, fought tooth & nail the whole way.

 

[Dont Taz Me Bro]

^ took charge and instigated changes in the rigged system.

In what way? I want specifics, please.

 

[peach174]

^ took charge and instigated changes in the rigged system. Repubs, predictably, fought tooth & nail the whole way.

That's because Freddie and Fannie are exempt from the Frank Dodd amendment and Freddie was the cause of it in the first place.

 

[EdwardBaiamonte]

^ took charge and instigated changes in the rigged system. Repubs, predictably, fought tooth & nail the whole way.

Republicans, not Bush though, were on the side of freedom and capitalism which is self-correcting and thus makes bubbles, recessions, and depressions impossible.

When bubble burst Fanny Freddie held 77% of all subprime and Alt A mortgages. The GSA's we created to get people into homes the self-correcting, Republican free market said they could not afford.

Do you have the IQ to understand?

 

[CultureCitizen]

Housing prices fluctuate. I thought you people learned that in 2008? Anyway, thanks to the public's faith in 44's leadership, values are rising again.

Personally , I don't think this is a good sign. It seems QE has been creating asset bubbles : a stock bubble and a real estate bubble. I think there is a good chance both bubbles will burst as soon as interest rates are rised.

I would rather see the number of employed Americans rise ( and the number of people applying for food stamps decrease), as well as the average household income.

 

[EdwardBaiamonte]

Housing prices fluctuate. I thought you people learned that in 2008? Anyway, thanks to the public's faith in 44's leadership, values are rising again.

Personally , I don't think this is a good sign. It seems QE has been creating asset bubbles : a stock bubble and a real estate bubble. I think there is a good chance both bubbles will burst as soon as interest rates are rised.

I would rather see the number of employed Americans rise ( and the number of people applying for food stamps decrease), as well as the average household income.

of course without QE we'd have a another liberal depression. Thats why we have QE. Do you understand?

Jobs, food stamps, and income are bad because liberalism is anti business and anti capitalism. Do you understand??

 

[Dot Com]

^ took charge and instigated changes in the rigged system. Repubs, predictably, fought tooth & nail the whole way.

That's because Freddie and Fannie are exempt from the Frank Dodd amendment and Freddie was the cause of it in the first place.

OH RLLY?

FactWatch Fannie and Freddie were followers not leaders in mortgage frenzy Center for Public Integrity

Fannie Mae and Freddie Mac were victims not culprits - BusinessWeek

Stop being a rw hack/stop taking what rw media tells for one day if you are able

 

[peach174]

^ took charge and instigated changes in the rigged system. Repubs, predictably, fought tooth & nail the whole way.

That's because Freddie and Fannie are exempt from the Frank Dodd amendment and Freddie was the cause of it in the first place.

OH RLLY?

FactWatch Fannie and Freddie were followers not leaders in mortgage frenzy Center for Public Integrity

Fannie Mae and Freddie Mac were victims not culprits - BusinessWeek

Stop being a rw hack/stop taking what rw media tells for one day if you are able

If you don't think that both parties had a hand in this then you are listening to the lw media.
I watch C-Span and the hearings that they had on this subject.
If you did the same you would then actually be informed.
Freddie Mac s Scandal and the SEC s Judgment
Freddie Mac paid a 50 million dollar fine and 4 executives were fined 65,000.00 up to 250,000.00
Bush Called For Reform 17 Times In 2008 Sweetness Light
Who Caused the Economic Crisis

 

[EdwardBaiamonte]

^ took charge and instigated changes in the rigged system. Repubs, predictably, fought tooth & nail the whole way.

That's because Freddie and Fannie are exempt from the Frank Dodd amendment and Freddie was the cause of it in the first place.

OH RLLY?

FactWatch Fannie and Freddie were followers not leaders in mortgage frenzy Center for Public Integrity

Fannie Mae and Freddie Mac were victims not culprits - BusinessWeek

Stop being a rw hack/stop taking what rw media tells for one day if you are able

Fanny Freddie held 77% of the subprime and Alt A mortgages at the time of the collapse. They were sued by SEC and lost for lying about the quality of the mortgages they held.

 

[EdwardBaiamonte]

^ took charge and instigated changes in the rigged system. Repubs, predictably, fought tooth & nail the whole way.

That's because Freddie and Fannie are exempt from the Frank Dodd amendment and Freddie was the cause of it in the first place.

OH RLLY?

FactWatch Fannie and Freddie were followers not leaders in mortgage frenzy Center for Public Integrity

Fannie Mae and Freddie Mac were victims not culprits - BusinessWeek

Stop being a rw hack/stop taking what rw media tells for one day if you are able

Fanny Freddie held 77% of the subprime and Alt A mortgages at the time of the collapse. They were sued by SEC and lost for lying about the quality of the mortgages they held.

the silly BW article was long before the truth came out, and it dealt with loan originations anyway which would not happened if Fanny and Freddie were not waiting to buy them.