New Home Sales Off – Prices Up
New Home Sales
This morning the Commerce Department just reported that new-home sales dropped 1.6 percent in February to a seasonally adjusted annual rate of 313,000 homes.
New home sales have fallen nearly 7 percent just since December. The current pace of sales is less than half the 700,000 that economists consider to be healthy.
Housing Recovery?
Housing Recovery
This morning the National Association of Realtors reported that existing-home sales fell 0.9% in Febraury to an adjusted annual rage of 4.59 million in February from an upwardly revised 4.63 million in January.
Many economists had expected home sales to have risen in February. Read more
Housing Market Recovery In Jeopardy
Housing Market Recovery?
Food inflation
The idea of government deficit spending as a way to improve the economy, and thereby the housing market, may actually turn out to be detrimental to both!
One thing is for sure, the massive, unprecedented government deficit spending has improved the stock market. But, what most American citizens do not realize is that their purchasing power, savings and home values are being eroded at a rapid rate. Read more
Housing Market Foundation Still Shaky
Housing Market
Obviously, with the severity of our housing collapse a snap-back recovery is just a fantasy. As I’ve said before, the first step to any real housing recovery, is housing market stability and base building. Read more
Home resales jump to 1-1/2 year-high
Home resales
home resales
The National Association of Realtors just reported that existing home sales increased 4.3 percent to an annual rate of 4.57 million units last month, the fastest pace since May 2010.
All four regions of the country experienced home resale gains in January. But, here in the Western region we experienced the largest gain in home resales with 8.8% increase! the sales figures were tempered somewhat by the large revision in the in the home resale numbers for December 2011. December’s sales data was revised down to show only a 4.38 million unit sales rate rather than the previously reported 4.61 million unit pace. Read more
Real estate market and the economy
Real estate market … Economy
I said it before, and I’ll say it again, I don’t believe this time around the real estate market will be the engine that pulls the economy out of the dumps. Quite to the contrary, I believe it has to be the economy to improve first, before we see a stabilization and the solid base building for a sustained real estate market recovery.
I’ve been a fan of Peter Schiff for some time now, and so, here is another one of his videos: