In spite of some relatively strong economic data coming out of the US (see post), risks to near-term growth remain. One of those risks comes from higher than expected inventory build. We saw this come through in the latest GDP numbers.TD Economics: – W…
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Home Sales and Prices Continued Their Rise and Listing Inventory Continued Decline Last Week
by Lee Adler • • 0 Comments
The 30 day moving average of US house sales showed prices and volume continuing to rise in the week ended June 14 in data reported by Dataquick. There were 198,090 sales recorded for the period, versus 194,965 for the period ended June 7, which was 8.2% higher than the year ago period. Median sale prices…
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High inventory levels signal weaker demand |Chinadaily.com.cn
by Newswires • • 0 Comments
China’s commodity inventories are building up rapidly, indicating that demand for power and steel is slowing as the economy cools. As of Wednesday, coal stockpiles stood at 8.7 million metric tons at Qinhuangdao port, China’s biggest coal port in Hebei province, up 40 percent year-on-year, statistics from Wind Information show. “The inventory level is the…
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Make No Mistake, Housing Is In An Uptrend
by Newswires • • 0 Comments
Builders are only adding about 450,000 single family units per year. Total starts including multifamily over the past 12 months were 653,000. Meanwhile, the US appears to be on pace to add between 1 million and 1.5 million full time jobs this year. (Subscriber login below) The math is clear and shrinking inventories prove it.…
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China’s towering metal stockpiles cast economic shadow | Reuters
by Newswires • • 0 Comments
(Reuters) – When metals warehouses in top consumer China are so full that workers start stockpiling iron ore in granaries and copper in car parks, you know the global economy could be in trouble. At Qingdao Port, home to one of China’s largest iron ore terminals, hundreds of mounds of iron ore, each as tall…
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Economy in US Grew Less Than Forecast in First Quarter – Bloomberg
by Newswires • • 0 Comments
BloombergEconomy in US Grew Less Than Forecast in First QuarterBloombergThe US economy expanded less than forecast in the first quarter as a smaller contribution from inventories overshadowed the biggest gain in consumer spending in more than a year. G…
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Listed House Sale Closings Rose 74,000 in March, Prices up 5% in Month, 2.5% in Year
by Lee Adler • • 0 Comments
The NAR reported today that their members settled 361,000 house sales in March (actual, not seasonally manipulated), up 74,000 from February. The median price rose 5.27% versus February and was up 2.5% versus March 2011. This was the largest monthly percentage price gain since June 2005. The year over year gain was the first significant…
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ISM in Wonderland Media Reporting Versus Reality, Which Do You Prefer?
by Lee Adler • • 4 Comments
The big economic news story on Monday was the ISM Purchasing Managers Index. The headline number was only mildly positive, but it was enough so that Bloomberg was beside itself with joy. “Manufacturing in the U.S. expanded at a faster pace in March, driven by gains in employment and production that signal the world’s biggest…
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CoreLogic Data Shows House Price Declines Slowing
by Lee Adler • • 0 Comments
CoreLogic’s data for January closed house sales (mostly November contracts) shows a year over year decline of 3.1% nationally. the month to month decline was 1%. However, the 12 month rate of decline has been slowing sharply. According to CoreLogic, 6 of the 10 largest metropolitan markets in the US showed year over year declines…
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Delinquent Mortgage Squatting Time Sets New Record
by Bears Chat at The Wall Street Examiner • • 0 Comments
Foreclosures are setting new records again, this time not in their overall numbers, but in the time it is taking for all of these properties to be processed through the legal system. The average loan in foreclosure has now been delinquent a record 6…
