HOUSING

Monthly New Home Sales Data Series

By John Galt August 24, 2011 – 08:55 ET Starting this month I shall be updating the series, sometimes with a special news entry when justified, but definitely in the Economic stats and data pages in the upper right hand corner of these pages. The latest sales figures reflect the depression in real estate continues with an average duration on the market for new homes still in excess of 6 months, this month at 9.4. Until the housing market recovers the American economy will flounder no matter how much creative accounting…


And the Housing Crash Continues to Worsen: MBA Housing Apps for Purchase Plunge to 15 year low

By John Galt August 24, 2011 – 07:35 ET Uh, recovery? Bueller? Anyone? From Reuters (click on headline to read full story): Mortgage purchase applications at 15-year low: MBA 7:13am EDT NEW YORK (Reuters) – Home mortgage applications for purchases fell to a nearly 15-year low last week as resurgent worries about the strength of the economy kept buyers at bay, an industry group said on Wednesday. Sadly the worries are not unfounded. But convincing the beanheads who actually believe the bovine scatology their bureaucratic brethren are spewing will prevent a…


A Quick Housing Data Chart Update

By John Galt August 17, 2011 – 13:15 ET Unfortunately, I am not paid to blog, but I am working on it. With that established that is my excuse for not having these charts up yesterday as I shall now establish a series of pages under the economic data heading to keep my readers informed with or without an individual posting. Here is the latest from the US Department of Commerce, Bureau of the Census regarding housing permits, starts, under construction, and completions. Needless to say we are still in a…


The Housing Data Story the Bubblemedia Refuses to Tell

By John Galt July 20, 2011 Yesterday the Census Bureau updated the Residential Construction data with their monthly report with data from June 2011 and the media fawned and screamed “oh wow, it’s improved! We’re saved!” That nonsense of course can be invalidated by bouncing a bowling ball off of a concrete floor and the shock is that “wow, it bounces” unless of course it hits someone’s foot in which case the bounce is not that high but the screams are pronounced. Thus the housing data once again demonstrates that the…


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It’s a PIIGSfest Housing Disaster: Ireland leads the way

  By John Galt July 4, 2011 The previous article I posted about the Greek housing crash that has begun pales in comparison to what is happening in the United States and unfortunately another one of the PIIGS, Ireland, is showing signs of further deterioration as their nation falls deeper into a bankster generated recession. The Irish Times highlighted the story in a story titled “Housing Prices Continue Decline” where per the property site MyHome.ie, prices fell another 4% last quarter bringing the total to 40% down since the peak. To…


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My Big Fat Greek Housing Crash

  By John Galt July 3, 2011 As the American stock markets celebrate another episode of “extend and pretend” until January 1, 2012 in the Eurozone’s basket case de jour, the truth is that the Greek housing market is nothing more than a smaller version of my home state of Florida. Thankfully for the United States and European Central Bank, Florida is not a member of the European Union or it would be toast. The funny thing that happened along the way to the huge celebrations this past week to celebrate…


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NAR Existing Home Sales for May: Can’t Blame the Weather, oops, they CAN

  By John Galt June 21, 2011 Another month’s worth of data from the National Association of Relativists, er, Realtors, and another bad report. From the NAR press release this morning: Existing-home sales were down in May as temporary factors and financing problems weighed on the market, according to the National Association of Realtors®. Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 3.8 percent to a seasonally adjusted annual rate of 4.81 million in May from a downwardly revised 5.00 million in April, and are…


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Monthly Housing Starts/Permits Update

  By John Galt June 19, 2011 I first wish to thank my readers for their patience as the website has undergone several transitions over the past few weeks along with my personal schedule which has kept me somewhat silent with regards to posts on economic data and working away from my readers who I missed dearly. With that behind me, let’s look forward by reviewing the monthly data dump from the Census Bureau. I. Housing Starts Finally, again, we can blame the weather. Shockingly the good weather May generally brings…


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Housing Crisis Over as Foreclosures Drop? Think Again

  By John Galt June 19, 2011 The foreclosure crisis is officially at half time, sitting in the locker room, and waiting on the coach to come out with a second half strategy. The media, especially some members of the analyst and financial bubblevision press on television, have been desperately attempting to paint a picture of an improving economy resulting in fewer foreclosures and the hope of mortgage modifications helping to stem the tsunami. The statistics are further from the truth than ever. First and foremost, this one extract from Lender…


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Homeowners Foreclose on Bank of America in Naples, FL

By John Galt June 4, 2011 Without a doubt this story and video from WINK-TV in Fort Myers about a Naples, FL area couple who had their home illegally foreclosed on and turning the tables on Bank of America has to rank up there as one of my favorite stories of the year thus far. If more homeowners with judgments executed their legal rights and engaged in this course of action, perhaps, just perhaps, we might finally see some justice against the banksters and their ill gotten gains. Read the full…


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The Pending Home Sales Disaster on Friday

By John Galt May 28, 2011 The nightmare report from the National Association of Realtors (NAR) yesterday was mixed with humor from Lawrence Yun and a notable shift in the double dip portion of America’s housing industry disaster. With upwards of one third of all existing home sales anchored by distressed sales, the pending home sales report usually reflects a trend of recovery or further decline and based on the four month average the market is headed for a serious deterioration as the index is only 1% above the average for…


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MBA Purchase Index for Previous Week Reports a Surprise Increase

By John Galt May 25, 2011 Could it be? A report indicating a 3.1% increase in the week over week unadjusted purchase index over last year, mind you last year’s number was really bad in May 2010, indicating there could be a sign of life in the mortgage industry? The MBA Weekly Report reflects just that and if we could get a sustained trend of increases it might start to save some of the remaining construction jobs in America.


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The April New Home Sales Report: Filtering out the Propaganda

By John Galt May 24, 2011 First, read the propaganda from the MSM: Home Sales Buoy Hopes for Real Estate Wall Street Journal – Robbie Whelan US new home sales at 4-month high, supply drops Economic Times New Home Sales Pick Up For Second Straight Month NPR U.S. April new home sales up 7.3% MarketWatch – Greg Robb New home sales up in all regions, inventory at historic lows AgentGenius The last headline is particularly amusing because when you break down the truth of the inventory story is that the home builders are…


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5/18 MBA Mortgage Apps show some improvement

By John Galt May 18, 2011 The weekly report on mortgage applications for purchase without seasonal adjustment from the Mortgage Bankers Association illustrated a somewhat impressive improvement only registering a year over year decline of 1.7%. It is not positive which would not take much based on the volumes but it does lean towards some traffic testing the waters of the housing industry bouncing along the bottom.  


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The Housing Disaster Rolls On – The Spring of our Winter Discontent

By John Galt May 17, 2011 The Commerce Department released the latest report on housing starts and permits revealed that no sane, logical, intelligent soul would accept the FIBS (Financial Infomercial Broadcasting Services, aka CNBC, FBN, BLM) mantra of the past year that housing has bottomed and that the recovery was well under way. Amazingly enough the preachings and screeching of the pro-regime talking heads was non-existent on the morning radio or television programs. Thus there is a realization that perhaps, just perhaps, free money from the Federal Reserve does not…


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NAHB/Wells Fargo Homebuilder Confidence Index Flat at Low Levels for May

By John Galt May 16, 2011 The National Association of Homebuilders/Wells Fargo Confidence Index came in at flat level to April after last month was revised upwards from 15 to 16. The bad news was buried in the report (at this link) where builders indicated that ninety percent of the builders were concerned about the ability to sell the homes at the price they designated and seventy-three percent said they saw problems with consumers obtaining financing for the purchase. So much for the summer of recovery in construction that the Bubblevision…


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March Construction Spending Report: Another Sharp Decline

By John Galt May 2, 2011 The report for March Construction Spending from the Census Bureau this morning reflected another poor showing this month. Private construction was down 11% from 2010 levels which indicates that the spring season has not brought any relief to the industry. Particularly interesting beyond the drop in residential construction are the sharp declines in lodging, office, commercial, and manufacturing which plainly displays the lack of faith American corporations have in this “recovery” whereas they are not investing in expanding domestic infrastructure or apparently starting any number…


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March 2011 New Home Sales: Improvement BUT

  By John Galt April 25, 2011 The statement from the Bureau of the Census via the Department of Commerce is pretty stark: Sales of new single-family houses in March 2011 were at a seasonally adjusted annual rate of 300,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.1 percent (±21.7%)* above the revised February rate of 270,000, but is 21.9 percent (±10.3%) below the March 2010 estimate of 384,000. The news is already being spun as a…


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The Housing Price Crash Continues per RadarLogic

  By John Galt April 21, 2011 And the hits keep on coming (from Housing Wire): RadarLogic home prices hit lowest level since 2003   All I can add is “you ain’t seen nothing yet” to quote BTO and folks when that headline replaces 2003 with 1995 or 1996, that is when we will probably be close to a bottom in real estate.


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The Housing Crisis will not End Until 2020

  By John Galt April 11, 2011 And 2020 might be conservative…. Despite the prognosis from the mouth flapping pantloads of D.C. and Wall Street, the American real estate market is close to a decade away from recovery; if not longer. The popular proclamations from the National Association of Realtors is that the existing home sales should increase 5 to 10% this year which is akin to saying we’ve climbed ten feet up from the bottom of a one hundred foot well we’ve fallen into. The reality of what the U.S….


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The Wall Street Journal joins the Obama Propaganda Machine

  By John Galt February 8, 2011 It really is a pathetic indication when one of the nation’s allegedly conservative business publications decides to offer the Obamanation a bear hug and says “we’ll play ball even if our editorial pages never will” when a story is published with some seriously blatant overtones as is the case this morning. The Wall Street Journal published a story in this morning’s edition titled ‘Cash Buyers Lift Housing.’ The story by S. Mitra Kalita does paint a rosy picture for a real estate resurgence quoting…


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