A couple of minor technical problems called “business” and “life” have now intruded on my increasingly bogged down publication schedule that, in the interest...
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Posts Tagged ‘ Tax Credit ’
Avg. Raleigh-Durham house loses $20K Y-O-Y
Number of Oct. sales is up 16% y-o-y because being compared with the post-tax credit sales wipeout. But avg. price down by $20,000 to $207K.
http://www.newsobserver.com/2011/11/19/1654894/home-sales-up-16-over-10.html
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In Which Lee Adler Blasts A Housing Anal Cyst
7 minutes ago ...
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The NYT on Foreclosure: Can We Talk About Sex?
Catchy headline...
The NYT On Foreclosure: Can We Talk About Sex?
Actually, I meant to say "housing bubble," but in top policy circles it might be easier to get a discussion going on sex. The NYT's lead editorial defends the Obama administration's ...
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Distressed Homes Selling at Biggest Discount in Five Years
The housing bust continues....
Dec. 2 (Bloomberg) -- U.S. homes in the foreclosure process sold for about 32 percent less than non-distressed properties in the third quarter, the biggest discount in five years, as buyer demand slumped, according to...
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The Trouble With Case Shiller
The mainstream media wasted hours reporting on and analyzing the Case Shiller Housing Index today. Did even one pundit mention what’s wrong with the Case Shiller data? If Dow Jones used the methodology to report the Dow Industrials that Standard and Poors uses to construct the Case Shiller Index (CSI) the Dow would be...
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Housing Numbers Back to Normal- Professional Edition
Now that the distortions induced by the homesucker’s tax credit have been removed from the market, housing trends have returned to where they would have been. New and existing unit sales have collapsed. New unit prices have also collapsed, as the temporary artificial shortage that resulted from the tax credit demand bulge, has reverted...
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Dead In The Water – Professional Edition Housing Update
This report updates the monthly Zillow housing data, and the weekly unemployment claims and mortgage applications index. The Zillow data for June shows the final effects of the April buying panic as the house purchase tax credit expired. Next month’s data should reflect the subsequent collapse that has been showing up in other indicators....
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Irrelevant, Immaterial, Misleading and Wrong – Professional Edition
The new house sales data reflects the impact of the ending of the housing tax credit, reflecting severe ongoing weakness. The Case Shiller data is, as usual, irrelevant, immaterial, misleading, and wrong. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If,...
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Last Oorahh for Housing- Professional Edition
The latest data released this week reflects the final impact of the housing tax credit and foreshadows ongoing weakness, with indications that supply pressures will lead to further price declines with associated negative impact on overall mortgage portfolio collateral in the coming year. Click here to download complete report in pdf format (Professional Edition...
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Fed Report Correction – Home Suckers’ Tax Credit Deadline
Your editor just discovered that he has been giving out bad information about the home suckers’ tax credit for the past several months. The credit expires as of April 30 for CONTRACTS signed by that date, not for settlements by that date as I had been reporting. That means that the propping effects will...
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Sour Housing Notes
The following is an excerpt from the Professional Edition Fed Report of December 23. It was also made available to Wall Street Examiner Economic Bulletins, a free email service, on December 24. You can subscribe via the form in the left sidebar. The Mortgage Bankers Association’s Mortgage Applications index announced Wednesday did a belly...
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More Little Lies and Big Spin- Gains or Blips?
The FIM (Financial Infomercial Media) has gifted us with more nonsense today in the form of Pending Homes Sales data from the NAR (Realtors) and the Purchasing Managers Manufacturing Index from the ISM (Purchasing Managers). Bloomberg was positively ecstatic about the housing data, proclaiming “The number of contracts to buy previously owned homes rose...
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Artifical Recovery or Wile E Coyote?
Evidence strongly suggests that the cash for clunker program and other ad hoc stimulus efforts, such as the $8,000 tax credit for first time buyers, is setting up an artificial “recovery” that is poorly based on underlying fundamentals. Reuters reports that buyers are actively trying to beat the November closing deadline. Combine this with a...
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