Home sales are lower than the low expectations, Richmond Fed Manufacturing Index is lower than the low expectations.
But hey, UMichigan consumer confidence is up compared to November!
What if Bernanke succeedes in bringing inflation to 10% in a short period of time. Then perhaps house prices could start to rise in nominal terms in the first half of 2009 already. Wouldn't that solve all our problems?
Rally Day? off 8.6% but not as bad as it could have been so thats good for a 250 up rally, plus gas is down and wages are the same not lower And a new bailout is in the works, gotta be good for another 250.
"New sales in low as well, 407K vs. 415K expected, downward revision of previous month...
citizen energyecon"
I cannot say it anymore as it isn't a prediction anymore, it is fact. New home sales will go below 500k for at least a couple of years. Although, I might want to revise "a couple years" to the foreseeable future.
What some forecasters are not taking into consideration is that as wages and salaries decline, the price of housing must decline even further. It is like a flesh eating bacteria. It is out of control and there is no hope in site.
he was right!
redfin CEO 10/13/08: As the stock market wiped out prospective down-payments, tours and offers dropped 30%. Transactions that were done came undone. October will still be pretty good, then were headed for a big dip.
How long before RE sales contracts contain a clause returning the buyer any loss of equity for the fisrt 12-24 months. That's a stimulus I can get behind.
The house across the street, the one I "inherited" from my former neighbor went to auction, sold 3 months ago, and (surprise!) fell through. Looks like I'll be providing the extended maintenance contract thru the winter.
Sadly, I found out from another neighbor that his restaurant business has failed, and that they are worried they will lose their house. They've been there 15 years and are considering bk. I think he was preparing me for inevitable news. Said they might put it on the market, but he isn't encouraged by prospects.
I'm losing sleep over this. "No where to run to baby, no where to hide" comes to mind.
Housing prices have declined the point where homes are very affordable. But why buy when prices are still dropping? Homes will be even more affordable in the near future.
First in line for bailout handouts
They need to lower expectations to 0, then they're guaranteed not to overestimate.
I'm suprised they even sold 1 and is the sale final?
jo6pac
The race to the bottom continues.
OT - TBT is on fire this morning. Up a whole 1.6%! Better take profits all y'all
Median home price decline is largest in history.
Time to buy!
11.2 months of supply to NAR. 20 months actually.
Houses Make A Great Christmas Gift
Home sales are lower than the low expectations, Richmond Fed Manufacturing Index is lower than the low expectations.
But hey, UMichigan consumer confidence is up compared to November!
They need to lower expectations to 0, then they're guaranteed not to overestimate.
Persecuted Comrade Anonymouse | Homepage | 12.23.08 - 10:09 am | #
Mr. Market has obviously done that, since he's not going down.
New sales in low as well, 407K vs. 415K expected, downward revision of previous month...
What if Bernanke succeedes in bringing inflation to 10% in a short period of time. Then perhaps house prices could start to rise in nominal terms in the first half of 2009 already. Wouldn't that solve all our problems?
4.4 million will look like a great number in Dec 2009
GREAT time to buy. Never mind that little detail about job prospects or security.
IMO the radical changes in the housing market have invalidated the traditional SAAR adjustments.
Rally Day? off 8.6% but not as bad as it could have been so thats good for a 250 up rally, plus gas is down and wages are the same not lower And a new bailout is in the works, gotta be good for another 250.
Here comes santa!
"New sales in low as well, 407K vs. 415K expected, downward revision of previous month...
citizen energyecon"
I cannot say it anymore as it isn't a prediction anymore, it is fact. New home sales will go below 500k for at least a couple of years. Although, I might want to revise "a couple years" to the foreseeable future.
--
Falling home prices, AT THE FASTEST RATE EVER, DON'T HELP, do they?
What sort of Americans were buying homes for the past one year, especially, foreclosure homes?
B&BAD and, most notably, AD. That is the real American problem a nation filled with dopes!
Even worse, a nation with Crooks and evildoers having death grip on power.
It is all about Crooks and dopes.
Jas
household formation doesn't rebound until 2012 due to demographics, not expecting a housing bottom until 2010 followed by a long period sideways.
CR, bring on the chart porn!!!
What some forecasters are not taking into consideration is that as wages and salaries decline, the price of housing must decline even further. It is like a flesh eating bacteria. It is out of control and there is no hope in site.
he was right!
redfin CEO 10/13/08: As the stock market wiped out prospective down-payments, tours and offers dropped 30%. Transactions that were done came undone. October will still be pretty good, then were headed for a big dip.
How long before RE sales contracts contain a clause returning the buyer any loss of equity for the fisrt 12-24 months. That's a stimulus I can get behind.
Hangtown - awesome. Lets delay the inevitable 12-24 mo. We want to drag this bitch out as long as possible!
The house across the street, the one I "inherited" from my former neighbor went to auction, sold 3 months ago, and (surprise!) fell through. Looks like I'll be providing the extended maintenance contract thru the winter.
Sadly, I found out from another neighbor that his restaurant business has failed, and that they are worried they will lose their house. They've been there 15 years and are considering bk. I think he was preparing me for inevitable news. Said they might put it on the market, but he isn't encouraged by prospects.
I'm losing sleep over this. "No where to run to baby, no where to hide" comes to mind.
dd
not expecting a housing bottom until 2010 followed by a long period sideways
Best case scenario but also the most likely, I think.
The supergeniuses on Wall Street & in DC actually believe that paper dollars & digits in a computer mean something.
They're meaningless unless there's actual physical real-world stuff to back it.
On a possibly positive note, I found Paul King "Love & Pride" on youtube.
YouTube - King - Love and Pride
.
Housing prices have declined the point where homes are very affordable. But why buy when prices are still dropping? Homes will be even more affordable in the near future.