Skip to comments.Housing Recovery? Not so fast! YoY Furniture Sales Go Negative; Foreclosures Rise (Again)
Posted on 06/13/2013 9:48:59 AM PDT by whitedog57
I constantly hear The housing market is back!
True, house prices are rising since 2012 according to FNC, Case-Shiller, Loan Performance and FHFA home price indices.
But Year-over-year furniture sales have turned negative, not a good sign for housing (unless everyone wants to live in empty houses).
At least auto sales are increasing. Perhaps people are parking Chevys in their living rooms instead of furniture.
And foreclosures are heating up again. Completed foreclosures jumped 11 percent nationally in May from the previous month, with monthly increases taking place in 33 states, foreclosure listing firm RealtyTrac Inc. said Thursday.
But if we look at the general trend, we see a decline. The bump in foreclosures comes from the end of state moratoria of foreclosures.
Doug Duncan, the chief economist for Fannie Mae said that he sees interest rates rising by 100 basis points over the coming year. I believe him!
Perhaps the housing market needs a bigger boat!
It was a narrative-driven rally anyway; full of hot air.
Don’t dismiss the idea that people live in empty houses. I’very seen them in my neighborhood.
A radio “news report” this a.m. referred to banks “repossessing” homes.
I hope they don’t think the word “repossessed” is better sounding than “foreclosed”.
Yep, back in Furniture show room this week and prices are at least 20% lower than 2 yrs. ago.
The supply is still greater than the demand.
The frequent, so-called housing recoveries have been based on announced plans that city apartments will be built for more rental slaves. Meanwhile, more rural and suburban houses are empty and being misrepresented in various ways to increase property taxes.
Yeah, nearly every house in my neighborhood around my place in town is for sale, and has been for a year or more. Prices about half to 2/3 of what they were 5 years ago....
Now I see something I never saw in that neighborhood... “For Rent” signs next to the For Sale signs.