Three weeks ago we did a post discussing the softness of the so-called housing “recovery” – focusing in particular on the stagnation of mortgage applications. More recently, we wrote about efforts by the administration of U.S. President Barack Obama to “stimulate” the market by approving loans to people who cannot afford them.
Which in case anybody forgot is exactly what started the current recession we are “recovering” from …
Anyway … according to data released this week from the National Association of Realtors sales of previously occupied homes dipped to 4.92 million last month from 4.95 million in February. And while that number is much higher than last year’s number, only 30 percent of those sales were to first-time buyers.
That’s well below the norm … and a bad sign for the sustainability of this market’s “recovery.”
In fact we can’t wait to hear Tyler Durden’s take on all of this over at Zero Hedge (yes, that Tyler Durden).
Wait, you’re not hip to the greatest site on the internet? Click here …
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44 comments
The difference between 2007 and 2013 is that in 2013 the demand curve is on the upswing, vs. 2007 when the demand curve was on a nearly vertical drop. What housing needs now more than anything is for government to get out of the way, something it rarely does.
The government’s role should be to make sure the banks aren’t out there fucking over people. Consumer protection, enforcement of proper regulations, busting fraud, etc.
You can’t “make” someone afford a home that they quite simply can’t afford. Economic prosperity helps people buy homes. Banks are lending to people who have adequate credit and the proper amount of income.
Government subsidies allow people to afford a home. The idea is to subsidize failure in the name of “discrimination.” This is the same thing happening with student loans. Anyone can get financing to go to school, tuition continues to rise, and the economy (thanks to government policy causing the boom/bust and hindering the recovery) remains in the shitter. Even worse is that these debts can’t be discharged in bankruptcy unlike a mortgage.
Should be interesting to watch this pattern unfold like the 2000-2008 housing bubble.
What does The National Rifle Association have to do with this? DuM$***&&& Mother))**^^%%%
Lol!
You went all “Big T” on his ass.
So did it make you feel better? Is it like an aphrodisiac or something?
used to be,now i’m disillusioned w/Big T.’used to have fun with his butt,but so does everyone else…
‘last time i went to make love on his hollowed out ass,his cocker spaniel was living in there…
— could just be rumor, but I was told that BigT keeps a daily word count on how many times his moniker is mentioned ( including ALL various and weird variations) — it doesn’t matter what is said about him
The difference between 2007 and 2013 is that in 2013 the demand curve is on the upswing, vs. 2007 when the demand curve was on a nearly vertical drop. What housing needs now more than anything is for government to get out of the way, something it rarely does.
The government’s role should be to make sure the banks aren’t out there fucking over people. Consumer protection, enforcement of proper regulations, busting fraud, etc.
You can’t “make” someone afford a home that they quite simply can’t afford. Economic prosperity helps people buy homes. Banks are lending to people who have adequate credit and the proper amount of income.
Government subsidies allow people to afford a home. The idea is to subsidize failure in the name of “discrimination.” This is the same thing happening with student loans. Anyone can get financing to go to school, tuition continues to rise, and the economy (thanks to government policy causing the boom/bust and hindering the recovery) remains in the shitter. Even worse is that these debts can’t be discharged in bankruptcy unlike a mortgage.
Should be interesting to watch this pattern unfold like the 2000-2008 housing bubble.
What does The National Rifle Association have to do with this? DuM$***&&& Mother))**^^%%%
Lol!
You went all “Big T” on his ass.
So did it make you feel better? Is it like an aphrodisiac or something?
used to be,now i’m disillusioned w/Big T.’used to have fun with his butt,but so does everyone else…
‘last time i went to make love on his hollowed out ass,his cocker spaniel was living in there…
— could just be rumor, but I was told that BigT keeps a daily word count on how many times his moniker is mentioned ( including ALL various and weird variations) — it doesn’t matter what is said about him
Also, from the report Willie is quoting from, here’s some interesting tidbits.
Total housing inventory at the end of March increased 1.6 percent to 1.93 million existing homes available for sale, which represents a 4.7-month supply at the current sales pace, up from 4.6 months in February. Listed inventory remains 16.8 percent below a year ago when there was a 6.2-month supply.
Housing starts rose 7% in March to a seasonally adjusted annual rate of 1.04 million, the highest rate since June 2008.
Wow, new homes are picking up, inventory of existing homes isn’t growing to meet demand, and we’re seeing a slight drop in existing homes being sold? Get out of town!
The national median existing-home price for all housing types was $184,300 in March, which is 11.8 percent higher than March 2012.
The median time on market for all homes was 62 days in March, down from
74 days in February and is 32 percent below 91 days in March 2012.
Home values rising? Homes selling quicker? That sounds like an improving market to me.
First-time buyers accounted for 30 percent of purchases in March, unchanged from February; they were 33 percent in March 2012.
First-time buyers down 3% when overall sales is up 10%? Let’s see.
March 2012: 4.46 mil. houses, 33% first-time buyers, 1.472 mil. first time home buyers.
March 2013: 4.92 mil. houses, 30% first-time buyers, 1.476 mil. first time home buyers.
So the number of first time home buyers hasn’t changed significantly, just a lot of people who have previously owned homes are now moving around in the market. Definitely something to be concerned about, but not as terrible as it sounds.
The entirety of the report is here (since it hasn’t been linked to, how convenient!):
http://www.realtor.org/news-releases/2013/04/march-existing-home-sales-slip-due-to-limited-inventory-prices-maintain-uptrend
Amazing how so much information could be ignored for one or two tidbits to fit a narrative!
Also, from the report Willie is quoting from, here’s some interesting tidbits.
Total housing inventory at the end of March increased 1.6 percent to 1.93 million existing homes available for sale, which represents a 4.7-month supply at the current sales pace, up from 4.6 months in February. Listed inventory remains 16.8 percent below a year ago when there was a 6.2-month supply.
Housing starts rose 7% in March to a seasonally adjusted annual rate of 1.04 million, the highest rate since June 2008.
Wow, new homes are picking up, inventory of existing homes isn’t growing to meet demand, and we’re seeing a slight drop in existing homes being sold? Get out of town!
The national median existing-home price for all housing types was $184,300 in March, which is 11.8 percent higher than March 2012.
The median time on market for all homes was 62 days in March, down from
74 days in February and is 32 percent below 91 days in March 2012.
Home values rising? Homes selling quicker? That sounds like an improving market to me.
First-time buyers accounted for 30 percent of purchases in March, unchanged from February; they were 33 percent in March 2012.
First-time buyers down 3% when overall sales is up 10%? Let’s see.
March 2012: 4.46 mil. houses, 33% first-time buyers, 1.472 mil. first time home buyers.
March 2013: 4.92 mil. houses, 30% first-time buyers, 1.476 mil. first time home buyers.
So the number of first time home buyers hasn’t changed significantly, just a lot of people who have previously owned homes are now moving around in the market. Definitely something to be concerned about, but not as terrible as it sounds.
The entirety of the report is here (since it hasn’t been linked to, how convenient!):
http://www.realtor.org/news-releases/2013/04/march-existing-home-sales-slip-due-to-limited-inventory-prices-maintain-uptrend
Amazing how so much information could be ignored for one or two tidbits to fit a narrative!
FITS: no one Gives a $#!* about the National Housing Market. The states sucking @$$ are Liberal Oabama states…
Aside from that: It’s widely known that you will use national trends of failure (Obama’s Fault) to try to Bash Haley.
In States w/ majority Republicans, things are better. And that is true for the SC Housing Mkt.
There is no way to deny that SC is experiencing a recovery (see SCAR data.) Some of that is due to new job-providers like Amazon and Boeing (who you bash daily, because liberals hate corporations.)
If you had any real curiosity and honor, and got off your lazy, no-skills @$$…you would call some mortgage local brokers and ask them about bsuiness, and who it is getting mortgages (Re-Fi or buyers)…
I Would NEVER Give credit to Obama (because he’s a SCREW-UP.) I’ll leave that to the Liberal sycophants…but regardless of who gets credit, I’m honest enough to espress the TRUTH. There is a housing recovery here.
You are a small-time political hack…and your inability to tell the truth is one of the reasons why….
Big T Big T Big T, hate to bust you in light of your case of Obama Derangement Syndrome and pathological liar diagnosis, but here we go again.
1. Stock Market much higher than when Bush left office
2. Unemployment rate lower than when Bush left office
3. Misery Index lower than under Bush
4. Housing Prices higher than when Bush left office
5. Gas prices lower than their highest under Bush
6. Jobs created per month, way up over when Bush left office.
7. Annual deficit as a percentage of GDP down every year since Bush’s last budget year.
8. Corporate profits higher than when Bush left office.
9. Osama Bin Laden dead.
All of those are BIG LIES, Jan, except the Stock Mkt. that had just CRASHED, and Bin Ladin, who was irrelevant by the time the Seals got him anyway…
Your Biggest Lie is JOBS (that drive the economy.) Bush’s TRUE avg. unemployment over 8 years was 5 percent. You
You have to manipulate the data (Use PT jobs, and leave out non-participants) to come to your Idiot conclusions.
Look at Food Stamps (50 million) — that should give you a clue.
Also: Leftwing California and NY (in horrible fiscal shape) are losing population. And the Rust Belt is declining, all because of liberal policies.
America will look like Detroit or Chicago w/ an un-checked Obama.
Real America DID BUILD IT…so when the fair people, who bought the lies you worship under, figure out you lied…they’ll correct it …We always do…
Well big T I can back all my numbers up. I guess we will just have to live with your frequently repeated non-facts. No fact checkers for you. Better just to lie and stick with it.
WTF are you on?
Perhaps he follows the Ayotollah’s directions and drinks his own urine.
Sorry can’t spell tha “A” name.
The urine drinking reference is directed to the big idio”T”.
Which part don’t you get?
The preceding was brought to you by
big idio:T:’
a “trained ,professional journalist/real estate expert”.
YOU BETCHA!
YOU BETCHA!
p.s., big idio”T”, is the most fluent “key board kusser” on the WWW.
big idio”T”also rides a VESPA
SIDESADDLE!!!!!!!
YOU BETCHA!
YOU BETCHA!
you betcha —– NOT!
Well, maybe BigT really IS a “real estate expert”….
FITS: no one Gives a $#!* about the National Housing Market. The states sucking @$$ are Liberal Oabama states…
Aside from that: It’s widely known that you will use national trends of failure (Obama’s Fault) to try to Bash Haley.
In States w/ majority Republicans, things are better. And that is true for the SC Housing Mkt.
There is no way to deny that SC is experiencing a recovery (see SCAR data.) Some of that is due to new job-providers like Amazon and Boeing (who you bash daily, because liberals hate corporations.)
If you had any real curiosity and honor, and got off your lazy, no-skills @$$…you would call some mortgage local brokers and ask them about bsuiness, and who it is getting mortgages (Re-Fi or buyers)…
I Would NEVER Give credit to Obama (because he’s a SCREW-UP.) I’ll leave that to the Liberal sycophants…but regardless of who gets credit, I’m honest enough to espress the TRUTH. There is a housing recovery here.
You are a small-time political hack…and your inability to tell the truth is one of the reasons why….
Big T Big T Big T, hate to bust you in light of your case of Obama Derangement Syndrome and pathological liar diagnosis, but here we go again.
1. Stock Market much higher than when Bush left office
2. Unemployment rate lower than when Bush left office
3. Misery Index lower than under Bush
4. Housing Prices higher than when Bush left office
5. Gas prices lower than their highest under Bush
6. Jobs created per month, way up over when Bush left office.
7. Annual deficit as a percentage of GDP down every year since Bush’s last budget year.
8. Corporate profits higher than when Bush left office.
9. Osama Bin Laden dead.
All of those are BIG LIES, Jan, except the Stock Mkt. that had just CRASHED, and Bin Ladin, who was irrelevant by the time the Seals got him anyway…
Your Biggest Lie is JOBS (that drive the economy.) Bush’s TRUE avg. unemployment over 8 years was 5 percent. You
You have to manipulate the data (Use PT jobs, and leave out non-participants) to come to your Idiot conclusions.
Look at Food Stamps (50 million) — that should give you a clue.
Also: Leftwing California and NY (in horrible fiscal shape) are losing population. And the Rust Belt is declining, all because of liberal policies.
America will look like Detroit or Chicago w/ an un-checked Obama.
Real America DID BUILD IT…so when the fair people, who bought the lies you worship under, figure out you lied…they’ll correct it …We always do…
Well big T I can back all my numbers up. I guess we will just have to live with your frequently repeated non-facts. No fact checkers for you. Better just to lie and stick with it.
WTF are you on?
Perhaps he follows the Ayotollah’s directions and drinks his own urine.
Sorry can’t spell tha “A” name.
The urine drinking reference is directed to the big idio”T”.
Which part don’t you get?
The preceding was brought to you by
big idio:T:’
a “trained ,professional journalist/real estate expert”.
YOU BETCHA!
YOU BETCHA!
p.s., big idio”T”, is the most fluent “key board kusser” on the WWW.
big idio”T”also rides a VESPA
SIDESADDLE!!!!!!!
YOU BETCHA!
YOU BETCHA!
you betcha —– NOT!
Well, maybe BigT really IS a “real estate expert”….
Sic…..misrepresenting the report put out…..I listened to the representative from national association yesterday in interview, and the report says sales dipped not because of buyers, but sellers. Many homes for sale don’t match what buyers want. But he stated it is quickly flipping back to a sellers market since demand is still high, rates still down and prices are level for now but trending up. Let’s hope we don’t get back to sales as they were several years ago. Overpriced homes and overloaned banks.
Sic…..misrepresenting the report put out…..I listened to the representative from national association yesterday in interview, and the report says sales dipped not because of buyers, but sellers. Many homes for sale don’t match what buyers want. But he stated it is quickly flipping back to a sellers market since demand is still high, rates still down and prices are level for now but trending up. Let’s hope we don’t get back to sales as they were several years ago. Overpriced homes and overloaned banks.