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Keyword: homesales

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  • Pending Home Sales Unexpectedly Dive: NAR Blames Tight Supply

    03/02/2017 6:08:21 PM PST · by Lorianne · 25 replies
    Mish Talk ^ | 27 February 2017 | Mike “Mish” Shedlock
    Fresh on the heels of a glowing existing homes sales report comes news of an unexpected plunge in pending home sales. Economists in the Econoday survey expected a 1.1% increase. Instead, the pending home sales index plunged 2.8%. “Just when existing home sales seemed to be showing lift the pending home sales index, which tracks initial contract signings, is down 2.8 percent in the January report. This points to weakness for final resales in February and March. The West is the culprit in January’s data, with contract signings down 9.8 percent in the month for year-on-year contraction of 0.4 percent....
  • US Housing Market In Peril As "Increase In Mortgage Rates Has Shocked Consumers"

    11/28/2016 10:41:10 AM PST · by Lorianne · 53 replies
    Zero Hedge ^ | 27 November 2016 | Tyler Durden
    While rising treasury yields may be music to the ears of savers who have been crushed by low interest rates over the past 7 years, they're a bit of downer for the overwhelming majority of Americans that have been funding their lavish lifestyles with cheap debt. Yes, sadly the days of upgrading to the $65,000 luxury car despite a $40,000 annual salary, because you can "afford it" so long as you can cover the low monthly payments courtesy of 7-year terms and low interest rates, may finally be coming to an end. But auto OEM's aren't the only ones about...
  • Existing-Home Sales Unexpectedly Fall In August To 5.33 Million Rate

    09/22/2016 7:43:13 AM PDT · by BenLurkin · 14 replies
    investors.com ^ | 09/22/2016 | ed carson
    Existing-home sales for August an annual rate fell o.9% to 5.33 million units, the National Association of Realtors said Thursday, as the supply of existing homes for sales fell 10% vs. a year earlier. Economists had expected a rate of 5.44 million. Sales fell significantly in July to a revised 5.38 million, but from a recovery high. ... Tuesday, the Commerce Department reported August housing starts fell more than expected. But a day earlier, the National Association of Home Builders said its builder sentiment gauge soared in September to match an 11-year high. Meanwhile, the Federal Reserve's decision to leave...
  • US Homeownership Rate Crashes To Lowest Since 1965

    07/28/2016 9:00:33 AM PDT · by Rockitz · 27 replies
    ZeroHedge.com ^ | 28 July 2016 | Tyler Durden
    In hopes of promoting the narrative of a US housing recovery, one recurring thesis has been that as Millennials get older and start families, they will eventually leave their parents' basement and buy a house or shift from renting to owning. So far the facts have refused to corroborate this, and according to the latest "Housing Vacancies and Homeownership" report released on Thursday, the dream of owning a home just became even more distant. The reason: after staging a feeble rebound in late 2015, the US homeownership rate just tumbled from 63.5% to 62.9%, tied for the lowest print going...
  • Pending Home Sales Sink 3.7%, Last Month Revised Way Lower, GDP Will Follow

    07/01/2016 5:59:25 PM PDT · by Lorianne · 3 replies
    Mish Talk ^ | 29 June 2016 | Mike “Mish” Shedlock
    Pending home sales dove 3.7%, well below the Bloomberg Econoday consensus estimate of -1%, and even below the bottom estimate of -2.4% The bad details continue, as last month’s huge rise of 5.1% was lowered to 3.9%. “Highlights Existing home sales have been trending higher but today’s pending home sales index, which tracks contract signings, may be pointing to slowing for the early part of the summer. The index fell a steep 3.7 percent in the May report to nearly reverse a downward revised 3.9 percent jump in April. Year-on-year, the pending sales index is down 0.2 percent which hints...
  • U.S. existing home sales tumble in warning sign for housing market

    03/21/2016 7:08:40 AM PDT · by John W · 20 replies
    Reuters ^ | March 21, 2016 | Reuters
    U.S. home resales fell sharply in February in a potentially troubling sign for America's economy which has otherwise looked resilient to the global economic slowdown. The National Association of Realtors said on Monday existing home sales dropped 7.1 percent to an annual rate of 5.08 million units, the lowest level since November. Economists had forecast home resales decreasing 2.8 percent to a pace of 5.32 million units last month. Sales have been volatile and prone to big swings up and down in recent months following the introduction in October of new mortgage regulations, which are intended to help homebuyers understand...
  • Pending Sales of Existing Homes Unexpectedly Fell in June

    07/29/2015 8:18:23 AM PDT · by BenLurkin · 9 replies
    NewsMax ^ | Wednesday, 29 Jul 2015 10:19 AM
    The index of pending home sales unexpectedly fell 1.8 percent, the first drop this year, after a revised 0.6 percent increase in May that was smaller than initially reported, figures from the National Association of Realtors showed Wednesday in Washington. The median forecast of 37 economists surveyed by Bloomberg called for a 0.9 percent gain. The data are consistent with the slow improvement in housing, restrained by still-tight lending standards and a limited selection of available properties. An easing of those conditions, along with an acceleration in wage growth, would allow more Americans to take advantage of cheap borrowing costs...
  • Homeownership rate drops to 63.4%, lowest since 1967

    07/28/2015 8:29:55 AM PDT · by John W · 28 replies
    cnbc.com ^ | July 28, 2015 | Diana Olick
    The U.S. homeownership rate fell to 63.4 percent in the second quarter of 2015, according to the U.S. Census. That is down from 63.7 percent in the first quarter and from 64.7 percent in the same quarter of 2014. It marks the lowest homeownership rate since 1967. "It is now just five-tenths from the record low seen in 1965 in data going back also to 1965," noted Peter Boockvar, an analyst with The Lindsey Group. "All the governmental attempts (certainly aided and abetted by many players in the private sector) at boosting homeownership has gotten us to this point in...
  • Existing Home Prices Hit Record; Sales Soar To 8 Year High [Property Sales Are Hot, Hot, Hot]

    07/22/2015 7:44:49 AM PDT · by SeekAndFind · 22 replies
    Zero Hedge ^ | 07/22/2015 | Tyler Durden
    Houses have become stocks... the higher the price, the more demand (especially as the government has your back with low down-payment loans and the re-emergence of IOs). With Existing Home Sales soaring to a SAAR of 5.49 million, the highest since early 2007, the fact that median home prices are at an all-time high appears to be any problem for the releveraging American (or Chinese) homebuyer.  Lawrence Yun, NAR chief economist, says backed by June's solid gain in closings, this year's spring buying season has been the strongest since the downturn. "Buyers have come back in force, leading to the...
  • New Home Sales Data Goes Full Retard With Unbelievable Report Frozen Northeast Saw 153% Surge

    03/24/2015 9:28:30 AM PDT · by SeekAndFind · 17 replies
    Zero Hedge ^ | 03/24/2015 | Tyler Durden
    This is how ridiculous government data has become: in the same month in which both Housing Starts and Existing Home sales significantly missed expectations, misses which were promptly blamed on the weather, the Census Bureau moments ago released a stunner of a New Home Sales number, which supposedly rose from an upward revised 500K to 539K, smashing expectations of 481K, a 25% spike from a year ago and up 7.8% from January, which incidentally is also the highest number since February 2008, even as the median home price dropped to the lowest since September. And a close-up on the...
  • California Leads Housing Slowdown As Case-Shiller Home Prices Decline For 4 Months In A Row

    10/28/2014 9:36:47 AM PDT · by SeekAndFind · 14 replies
    Zero Hedge ^ | 10/28/2014 | Tyler Durden
    Following misses in yesterday's Markit Service PMI, Existing Home Sales and the Dallas Fed report, and today's Durable Goods numbers, we just made it a pentafecta for misses in US econ data, when the just released August Case-Shiller data for August confirmed once again that US housing is rapidly slowing down, when the Top 20 Composite Index (Seasonally Adjusted) posted another decline in August, its fourth in a row, declining by -0.15% and missing expectations of a modest 0.2% rebound (following last month's -0.5%) decline. The best summary of the situation came from S&P's David Blitzer: "The deceleration in...
  • New Home Sales Plunge - And It's Not the Weather

    04/24/2014 9:25:31 AM PDT · by SeekAndFind · 11 replies
    Townhall ^ | 04/24/2014 | Mike Shedlock
    The Census Bureau report New Residential Sales Report shows sales of new single-family houses in March 2014 were at a seasonally adjusted annual rate of 384,000. Sales are 14.5 percent below the revised February rate of 449,000 Sales are 13.3 percent below the March 2013 estimate of 443,000 Median sales price was $290,000 vs. $260,900 in February, $257,500 in March of 2013 Average sales price was $334,200 vs. $318,900 in February, $300,200 in March of 2013 Median sales price was up 11.5% from last month, 12.6% from year ago Average sales price was up 4.8% from last month, 11.3% from...
  • African-Americans squeezed out of the housing market

    01/27/2014 10:48:32 AM PST · by rightwingintelligentsia · 69 replies
    CNN Money ^ | January 27, 2014 | Les Christie
    More African-Americans are being squeezed out of the housing market. Not only are they less likely to apply for a mortgage than any other ethnic group, but African-Americans are also 2.4 times more likely to get denied a mortgage than Whites, a recent study conducted by Zillow and the National Urban League found.
  • Joke Headline of the Day: "Pending Home Sales Rise"

    12/31/2013 6:52:00 AM PST · by SeekAndFind · 12 replies
    Townhall ^ | 12/31/2013 | Mike Shedlock
    I was perusing online stories about today's release of pending homes sales data from the National Association of Realtors. Here are a few sample headlines. NAR: Pending Home Sales Edge Up in NovemberCNBC: US pending home sales rise 0.2 percentCalculated Risk: Pending Home Sales Index increased 0.2% in NovemberForbes: Pending Home Sales Tick Up In November, First Time In Five MonthsReuters: U.S. pending home sales end slide, hint at stabilizationFox Business News: Pending Home Sales Rise Slightly, Miss Street View One Headline Title Stood Out Zero Hedge: Pending Home Sales Plunge At Fastest Pace Since April 2011 It took about...
  • All-Cash Home Sales Hit Record 42% of Sales

    12/22/2013 10:28:58 AM PST · by Kaslin · 57 replies
    Townhall.com ^ | December 22, 2013 | Mike Shedlock
    Even though household formation by millennials is at a record low percentage, home sales are at modest levels thanks to investor all-cash buying. Market-Watch notes All-Cash Home Sales Reach New High. More Americans are buying homes in all-cash deals, according to a new report. But real-estate experts say this increase may not be a good sign for the health of the housing market, which may also be impacted by the Federal Reserve’s decision to pull back on its bond-buying program. All-cash purchases accounted for 42% of all sales of residential property in November 2013, up from 39% during the previous...
  • Home sales drop to lowest level in almost a year

    12/19/2013 7:52:36 AM PST · by John W · 27 replies
    Reuters via nbcnews.com ^ | December 19, 2013 | Reuters
    U.S. home resales fell sharply in November to their lowest level in nearly a year, hurt by a rise in interest rates since the spring and ongoing price increases that have shut some home buyers out of the market. The National Association of Realtors (NAR) said on Thursday that sales of previously owned homes dropped 4.3 percent last month, the third monthly fall in a row, to an annual rate of 4.90 million units. That was the lowest annual rate since December 2012, and well below the median forecast in a Reuters poll of a 5.03 million unit pace. "It...
  • Economic Recovery? Pending Home Sales Fall To May 2011 Levels (Falling Real Income)

    11/25/2013 8:15:58 AM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 11/25/2013 | Anthony B. Sanders
    According to the National Association of Realtors, pending home sales dropped 0.6% in October. The West led the decline with -4.1%. Year-over-year (YoY), pending home sales fell -2.2%, the lowest print since May 2011. Was it interest rate increases? Partly, at least in May and June. But since a recent high on August 22nd, the Freddie Mac 30 year mortgage commitment rate has been falling along with pending home sales. Rising house prices combined with declining real median household income isn’t helping home sales. And, of course, falling labor force participation isn’t helping, although house prices continue to rise in...
  • Nearly half of homes are purchased in cash

    08/29/2013 6:48:49 AM PDT · by KeyLargo · 57 replies
    Market Watch ^ | Aug 29, 2013 | By Quentin Fottrell
    <p>More Americans are buying homes in all-cash deals, according to several recent studies. But real- estate experts say this increase may not be a good sign for the health of the housing market.</p> <p>All-cash purchases accounted for 40% of all sales of residential property in July 2013, up from 35% during the previous month and 31% in July 2012, according to data from real-estate data firm RealtyTrac released Thursday. That’s the second highest rate since the survey began in January 2011 – second only to 53% in March 2012.</p>
  • HUGE MISS: NEW HOME SALES DROP 13.4%

    08/23/2013 7:08:59 AM PDT · by John W · 16 replies
    Business Insider ^ | August 23, 2013 | Mamta Badkar
    New home sales plunged 13.4% month-over-month in July to an annualized pace of 394,000 units in July. Economists polled by Bloomberg were looking for new home sales to fall 2% to an annualized pace of 487,000 units. There was also a huge downward revision to June's number. New home sales climbed a more modest 3.6% to 455,000 units, down from the initial reading of an 8.3% rise to 497,000 units.
  • Big Swing And A Miss! New Home Sales Plunge As Mortgage Rates Rise

    08/23/2013 7:17:47 AM PDT · by whitedog57 · 7 replies
    Confounded Interest ^ | 08/23/2013 | Anthony B. Sanders
    New home sales plunged 13.4% to an annual rate of 394,000 units. nhsjuly13 If we chart new home sales against the Freddie Mac 30 year commitment rate, we see a pattern (in the red box). Mortgage rates rise and new home sales plunge. nhsjulfreddi Expectations were for 487k and a prior reading in June of 497K that was revised down to 455K. So the July read declined and was below expectations. In baseball parlance, this was a big swing and a miss. obama-baseball-shirt Share this: