Skip to comments.Today's Horrific Housing Report Was All About One US Region
Posted on 07/17/2014 2:48:02 PM PDT by Lorianne
Earlier Thursday morning we saw that housing starts unexpectedly plunged 9.3% to an annualized rate of 893,000.
On the face of it, the report was ugly, considering all the talk about the recent housing snapback.
It's important to note that the miss was entirely due to one region: the South.
Housing starts plunged 29.6% in the South, driven by weakness in single-family units. "All the hit is in the south, where starts plunged by 29.6%, the biggest ever monthly drop, despite gains in each other region," wrote Ian Shepherdson at Pantheon Macroeconomics.
(Excerpt) Read more at businessinsider.com ...
Not in my part of the South. New housing has never slowed down.
Hmmmm.... this sounds a bit like yet another Obama apologist making excuses for the Marxist economic sh*t pile we’re in.
Uh, what about Phoenix?
I'm guessing that with the arrival of summer, and the departure of the Canadians has a lot to do with the buzzkill.
ALL housing is entirely a collective of thounsands of local housing markets, each with their own conditions that “national” statistical trends never entirely reflect and
because national statistics do not alone spell good or bad for each independent market, they should be ignored and the only government statitics reported should only be ones that are specific to a state, region in a state or locale.
The rest may be appreciated by nationwide bankers and such, statisticians and economists but not most people, who simply want to know what very specific housing markets are doing.
Of course, we’ll see but Phoenix has recent history of predicting housing crashes.
We can also blame it on global warming? Cooling? Harsh winter?
I think it is more fundamental.
how do the housing experts determine when more housing is needed and when their is sufficient housing available for the given population? Could the South have a surplus of housing available?? - just curious.
Builders make a living by building. When houses stop selling they keep on building to keep their crews around. They stop when they are sitting on too many houses and can’t make the payments.
Never ask a guy who sells tires if you need tires.
My daughter is a realtor down there and she had the same report. She flips a lot of houses — buys a broken down one and goes in and fixes it up with all the vendors she knows thus bringing up to code and modern looking and then sells it for a big profit.
I know because she did the same with my condo back in February. I have new windows, new floors and carpeting, new appliances, new basic furniture, new light fixtures and lamps, new painting and mopboards, new bathroom fixtures, new water heater, new furnace and new countertops in kitchen and bathrooms.
I was curious if these so called experts, as Ian Shepherdson at Pantheon Macroeconomics probably does, looks at the big picture or only counts building permits.
The housing market is very strong. It does us no good to pretend it’s not. Focus on the border to sweep out vulnerable Dems in Novemeber
It is, but not entirely for the right reasons.
Meanwhile, we have a record number of multi-generational house holds.