New Home Sales Plunge 13.4% in July

[Geaux4it]

New Home Sales Plunge 13.4% in July, June Revised Lower; Blame Rising Mortgage Rates; Starts 896,000 - Sales 394,000 - Hmmm | Mike Shedlock | Safehaven.com

New Home Sales Plunge 13.4% in July, June Revised Lower; Blame Rising Mortgage Rates; Starts 896,000 - Sales 394,000 - Hmmm

Explaining the Rebound in Housing
If you are looking for what fueled the rebound in home sales and the increase in home prices, look no further than the above chart.
In the two-year period from December 2010 until December 2012, the rate on popular 30-year mortgages fell from 4.97% to 3.42%, a decline of 155 basis points (1.55 percentage points). In April, rates were still near record lows at 3.56%.

Here's a few comments from Bloomberg.
Sales of newly built homes declined 13.4 percent to a 394,000 annualized pace, the weakest since October, following a 455,000 rate in the prior period that was lower than previously estimated, Commerce Department figures showed in Washington. The median estimate of 74 economists surveyed by Bloomberg called for a decrease to 487,000. Last month's decline was the biggest since May 2010.

 

[Old Rocks]

Existing-Home Sales Data | realtor.org

Latest News

WASHINGTON (August 21, 2013) –– Existing-home sales rose strongly in July, with the median price maintaining double-digit year-over-year increases.

Read the entire press release
View supplemental market data (Excel: 15KB)
Summary of July 2013 Existing Home Sales Statistics (PDF: 371 KB)

 

[OnePercenter]

Wait until BofA, Wells Fargo, and the rest dump their thousands of properties at the end of the year. Southern and central California, Nevada, Arizona, and Florida are going to be affected.

Florida is going to do better than the rest due to their bottoming out and staying there. 'Better' is subjective.

Arizona is going to be a slaughter. I have a friend, a VP at Wells Fargo that told me they have 20,000 plus in the Metro Phoenix area. Good news for Property Wars!

Nevada is a wait and see. With their new 'put-up or shut-up' law, thousands of homes are going to their owners free-and-clear.

 

[Geaux4it]

Existing-Home Sales Data | realtor.org

Latest News

WASHINGTON (August 21, 2013) –– Existing-home sales rose strongly in July, with the median price maintaining double-digit year-over-year increases.

Read the entire press release
View supplemental market data (Excel: 15KB)
Summary of July 2013 Existing Home Sales Statistics (PDF: 371 KB)

Yes, the link in my post reflects that EXISTING home same rose. The decline was for NEW home sales

-Geaux

Purchases of previously owned homes jumped in July to the second-highest level in more than six years, data showed Aug. 21.
"New-home sales data was weak, but the existing-home sales was very good -- there's nothing that changes the FOMC general picture that the housing market continues to recover," Greg Anderson, head of global foreign exchange strategy at Bank of Montreal, said by phone from New York

 

[Connery]

Moved to proper forum

 

[Old Rocks]

Existing-Home Sales Data | realtor.org

Latest News

WASHINGTON (August 21, 2013) –– Existing-home sales rose strongly in July, with the median price maintaining double-digit year-over-year increases.

Read the entire press release
View supplemental market data (Excel: 15KB)
Summary of July 2013 Existing Home Sales Statistics (PDF: 371 KB)

Yes, the link in my post reflects that EXISTING home same rose. The decline was for NEW home sales

-Geaux

Purchases of previously owned homes jumped in July to the second-highest level in more than six years, data showed Aug. 21.
"New-home sales data was weak, but the existing-home sales was very good -- there's nothing that changes the FOMC general picture that the housing market continues to recover," Greg Anderson, head of global foreign exchange strategy at Bank of Montreal, said by phone from New York

Now that kind of changes the whole picture, doesn't it. Nothing that changes the picture that the housing market continues to recover. Not exactly what the title of this thread implied.

So, once again, things are continueing to get better under the present Administration.

 

[Geaux4it]

Existing-Home Sales Data | realtor.org

Latest News

WASHINGTON (August 21, 2013) –– Existing-home sales rose strongly in July, with the median price maintaining double-digit year-over-year increases.

Read the entire press release
View supplemental market data (Excel: 15KB)
Summary of July 2013 Existing Home Sales Statistics (PDF: 371 KB)

Yes, the link in my post reflects that EXISTING home same rose. The decline was for NEW home sales

-Geaux

Purchases of previously owned homes jumped in July to the second-highest level in more than six years, data showed Aug. 21.
"New-home sales data was weak, but the existing-home sales was very good -- there's nothing that changes the FOMC general picture that the housing market continues to recover," Greg Anderson, head of global foreign exchange strategy at Bank of Montreal, said by phone from New York

Now that kind of changes the whole picture, doesn't it. Nothing that changes the picture that the housing market continues to recover. Not exactly what the title of this thread implied.

So, once again, things are continueing to get better under the present Administration.

The post title is NEW home sales Plunge... Not existing home sales. Nothing misleading whatsoever.

Like the NFL. not for long.

10yr bonds are spiking like crazy thus will be the final nails in the housing coffin thanks to our dear emporer Obama

-Geaux

 

[AmazonTania]

Existing-Home Sales Data | realtor.org

Latest News

WASHINGTON (August 21, 2013) –– Existing-home sales rose strongly in July, with the median price maintaining double-digit year-over-year increases.

Read the entire press release
View supplemental market data (Excel: 15KB)
Summary of July 2013 Existing Home Sales Statistics (PDF: 371 KB)

Yes, the link in my post reflects that EXISTING home same rose. The decline was for NEW home sales

-Geaux

Purchases of previously owned homes jumped in July to the second-highest level in more than six years, data showed Aug. 21.
"New-home sales data was weak, but the existing-home sales was very good -- there's nothing that changes the FOMC general picture that the housing market continues to recover," Greg Anderson, head of global foreign exchange strategy at Bank of Montreal, said by phone from New York

Now that kind of changes the whole picture, doesn't it. Nothing that changes the picture that the housing market continues to recover. Not exactly what the title of this thread implied.

So, once again, things are continueing to get better under the present Administration.

New Home Sales matter more than Existing Home Sales. After all, someone has to build these new homes. The jobs of the Construction Sector are dependent upon the number of New Homes being sold.

 

[Old Rocks]

And if the numbers were reversed, all of you would find some reason why that was worse, and the administration is at fault.

 

[AmazonTania]

It's rather difficult to find anything positive about the numbers regardless. Majority of these homes purchases are the result of speculation. Many of these homes are unoccupied. What exactly do you think is going to happen when these speculates are going to start unloading these homes and they're still too expensive for the real home buyers, who are virtually priced out of the market?