Housing

Housing Starts Stay In The Toilet, With Sales and Construction Employment -UPDATE

Housing Starts, Sales, and Construction Employment - Click to enlarge

January housing starts stayed in the toilet, running only about flat year to year. The multifamily boom continued while single family languished.  The chart tells the story. Mainstream media reports were downbeat, citing the worst slump in 3 years, blaming, in part, the bad weather. The seasonally finagled, monthly annualized rate came in at 888,000…

Pending Home Sales Chart – Housing Inflation Despite Weak Sales As Inventories Stay Tight

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The National Association of Realtors (NAR) Pending Home Sales Index (PHSI) number for December fell by 8.7%, crushing clueless Wall Street economists whose consensus guess was for a decline of 0.2%. The headline number is a seasonally adjusted representation of the trend, and may or may not reflect actual market conditions at the time. Actual…

New Home Sales Tank in December – It’s The Demand, Stupid!

DRSTOOL!NEWHOMESALESANDJOBS[1]

New Home Sales Worse Than Usual For December New home sales in the US in December were an unqualified disaster. The headline number came in at a seasonally adjusted rate of 414,000 for the month, missing the consensus estimate of 457,000 by a mile. Miracle of miracles, the headline seasonally adjusted number accurately conveyed the…

Home Prices Rising Not the Same As Recovery. There’s No Recovery

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Home Prices Are Rising. Is That Recovery, or a Bubble?Home prices are still rising according to the latest NAR data showing a monthly gain of 1.3% and 9.9% year to year increase in December. That’s consistent with a wide variety of home price measures, including the real time index of listing prices reported by DepartmentofNumbers.com. That index…

Econ Chart Update- Single Family Starts Outrun Sales- Construction Employment Lags, Multifamily Booms

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Looks can be deceiving, especially when they are financial news headlines.  The way the media is reporting this morning’s housing starts news, you would think that housing is booming. The headline number for total starts, seasonally adjusted and annualized (in other words total statistical BS) was reported at 1.09 million units. The consensus expectation was…

Weekly Housing Data Shows Only Typical Seasonal Cooling of The Bubble

US house sales data for the 30 days ended October 3, 2013  showed both prices and sales volume undergoing their usual seasonal cooling in data reported by Dataquick. 253,359 sales were recorded during the period versus 256,733 the week before. Volume gained 16% from the year ago period. At the recent peak on September 12,…