So I did a little homework here. May home sales (at the time) were characterized as "Surging" and "A Six Year High" ... and that number was revised down in this report (no surprise) by 62,000. So the report was a complete fabrication ... a miss that big isn't in the margin of error.
April's new home sales were also revised down to 425000. What does this mean? New home sales - a large engine in our economy - went from 425K to 442K to (unrevised) 408K. Flat, and trending downward. If this months number follows the usual pattern and gets revised down, new home starts are about dropping off a cliff.
Lookout below. I'm thinking that the 2nd half of 2014 is going to be a long slog.
Well, I hope the developers who bought the horse farm next to our exurban neighborhood to build smaller houses on much smaller lots lose their effin’ shirts. After all, they spent a lot of $$ greasing the palms of the City Council. Bad investments all around. :snort:
We are looking at a condo(not new) in Vegas for winter getaway. Can’t figure out if the market has bottomed out yet.
Polar vortex. Sequester. Republicans.
In my neck of the woods, homes can’t be built fast enough. Not once during the burst bubble era did they slow down.
“April’s new home sales were also revised down to 425000. What does this mean? New home sales - a large engine in our economy - went from 425K to 442K to (unrevised) 408K. Flat, and trending downward. If this months number follows the usual pattern and gets revised down, new home starts are about dropping off a cliff. “
As housing drops off the cliff it takes with it the manufacturers of appliances, carpet, concrete, doors and windows, electrical and plumbing suppliers, all manufacturers of anything to do with houses. Further depresses the construction sector jobs, used home values and land values. Buying a house now is financial suicide, unless you can buy now so cheaply that you can absorb a 50% drop in value.
This should drive the market up another 100 points.
Well its going to be tough to get a housing recovery with 92 million out of work and half of the rest working 29 hours per week. Not a good outlook.
Manufacturing and jobs provide real revenues instead of debts. Real estate is good for the time being in parts of boom states with big energy commodity production.
No kidding! A total miss of 15%. Who the hell pays these analysts and why can’t I get a sack job like that!
A federal agency is juggling numbers around to hide how bad it really is. They can’t make the emperor look bad.