Skip to comments.New Home Sales Rise to June 1982 Level, Consumer Confidence Remains Far Below Average
Posted on 12/27/2012 9:42:40 AM PST by whitedog57
The US economy continues to wander through the recessionary woods, with some rays of light peeking through the dark clouds. In other words, there is still a long way to go.
New home sales in November printed at 377,000 units, less than the expected 380,000 but higher than Octobers print of 368,000. New home sales have struggled to return to June 1982 levels.
The Conference Boards measure of consumer confidence fell to 65.10. Note that consumer confidence remains far below the average of 94.18 from 1967-today.
Of course, the Christmas retail season has seen an increase in employment and a decrease in initial jobless claims. Initial jobless claims fell to 350,000 from a revised reading of 362,000 the previous week. Analysts were expected a print of 360,000.
Of course, those are seasonally-adjusted figures. If we look at the unadjusted numbers, we expect to see a the annual spike in initial jobless claims in the first week of the new year.
(Excerpt) Read more at confoundedinterest.wordpress.com ...
US population 1982: 230 million
US population 2012: 315 million
With almost 40% more people, we are now just reaching home sales figures of 1982. I love to read the way the MSM spins stats. MiniTrue would be so proud.
Yep - rays of light - good grief
What seems to have caused you to excerpt your own blog?
And I remember June, 1982. It was NOT a good time.
IIRC, when we first bought a house in August of 1982, the assumable interest rate on the existing mortgage was 18%.
But you also had to have something like 15-20% down payment back in those days.
Color me suspicious of these housing numbers as I haven't witnessed any surge in sales activity on new single family homes with my own eyes. What I have seen are more multifamily dwellings being built as the rental market continues to rise.
The Fed is helping to create a housing bubble INSIDE of a recession.
Charging new zero for money it lends to the banks, pushing mortgage interest rates down, helping to create new mortgages at levels beyond the rate of new job creation, the Fed is setting EVERYONE up for a new housing bubble, one this recessionary economy will soon burst.
Either that or they want to unleash an enraged pitchfork mob on the banks after years of paying 35% credit card interest on money the bank essentially got for free.
Because we allow our leaders to use any time period to frame the debate in their favor we CAN NEVER WIN!
Give me the freedom to pick any two dates and I can build a case that ANYTHING is better or worse and I do mean ANYTHING from Global Warming/Cooling to the economy.
Bad enough we constantly let the left define the terms of any debate but once we allowed them to define the time frame it is impossible to have any honest discussion and we end up with a completely unqualified boy in the WH who would sell this country to the communists in a heartbeat.