Posted on 10/17/2012 10:01:18 AM PDT by whitedog57
It is amazing that the Presidential debate was devoid of a housing discussion. Since we are experiencing the worst economic recovery since 1882, I thought housing and the economy would have been a ripe topic for discussion.
There was good news for housing starts this morning. Privately-owned housing starts in September were at a seasonally adjusted annual rate of 872,000. This is 15.0 percent above the revised August estimate of 758,000 and is 34.8 percent above the September 2011 rate of 647,000. WE ARE FINALLY BACK TO MID RECESSION LEVELS OF HOUSING STARTS!
So, we are over three years beyond the end of the recession (according to the NBER). It’s about time we got a good starts reading!
Before we pop the champagne tops, purchase applications are still stuck in a box far below the levels from the Clinton-fueled bubble of 2000-2007. It is taking a long time to work through the housing recession since this is the worst economic recovery since 1882.
Unfortunately, the Refinance Index decreased 5 percent from the previous week. Still, the 14 Administration Refinancing Programs (HAMP, HARP, Attorneys General Settlement, etc) have generated a gradual bubble in mortgage refinancings, but not as large as previous bubbles.
In summary, the housing market is turning the corner (albeit slowly). And the Attorneys General Settlement is kicking in and that should further fuel the recovery. For example, Bank of America has completed or approved more than $4.75 billion in principal reduction offers on first mortgages under terms of the AG Settlement in the five months since the settlement was approved by the court. As of September 30, already 30,000 homeowners were approved for trial modifications or had made the required three monthly payments during the trial period and converted to permanent modifications under the principal reduction program.
(Excerpt) Read more at confoundedinterest.wordpress.com ...
And this guy has GREAT CHARTS!
Yep, pure BS. Before I left Michigan last year, I don’t recall seeing as much as a shed being built since 2008. No new construction whatsoever, only empty, foreclosed houses by the dozen going to crap from neglect. The scrap metal thieves were doing pretty good business though, the scrap yards around Flint were doing really good.
Potemkin economic reports are pretty!
I caught a a comment today and it said something about Texas doing so good with housing, but the rest of the nation still stinks. I didn’t have time to read the comment. Anyone know or see anything about Texas housing relative to the ‘GREAT NEWS’ about housing starts ??
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