Housing Starts increase in June from May
Submitted by
CalculatedRisk on Fri, 07/17/2009 - 4:43am (105 comments)
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Nemo lives
This is great news, I can't think of anything we need more than more houses.
:pigged;
we will not learn will we? i hope each and every start has the money on it.
it is that darn "face" again.
Should be good for 200 points on the Dow today.
This is great news, I can't think of anything we need more than more houses.
I'd say the only thing we're in more dire need of than houses is securitization.
So it's nice to see that the TBTF banks are bringing that back, too.
For a moment there I was getting worried.
I certainly hope the rising starts are in non-bubble areas. If they are primarily in LA, Miami, and Vegas, the builder's shareholders should sue, right now.
Oh, and two
points from last thread:
(1) I'd like to suggest that the "winners" of the weekly BFF poll volunteer to hit the tip jar up for, say, $10 (if and when it comes back).
(2) In honor of BFF, I humbly request some sort of
icon.
Repost:
2nd BFF Poll (this can include CIT):
HomeGnome 5
Vonbek777 7
barbadkatte 6
Nervous Rex 1
gabyjan 6
Counterpointer 9
Chainsaw 5
Comrade Dazed and Amused 5
Plantagenet 3
YLSP 2
Mook 3
LawyerLiz 2
Dr. Munch 0
Comrade Kristina 2
pavel.chichikov 10
Eric 3
Any other takers?
I have it figured out...the aliens will buy up our excess inventory. Seems they need a summer get away. Makes sense, why else would we be building?
I'll guess Texas leads in new starts.
mook
thinking about it i guess that we do need more houses to replace the ones that have rotted unsold.
i cant get pigged to work
gabyjan,
I think your pig failed because you used a semi colon at the end of your "pigged"
We now have tin foils hats and minipiggies as well as
?
Our cups runneth over.
I didn't include CIT in my count; didn't they already fail?
@gabyjan,
You ended your pigged with a semicolon, it needs to be surrounded by only colons, like at the Treasury.
now it works
yay
and i see what happened : and ; dont get pigged.
That is exactly what I was going to say, gaby.
Why is this good news?
it needs to be surrounded by only colons, like at the Treasury.
Not to be picky, but you misspelled "morons".
Time to move up to another McMansion! That tired 5 year old dump needs replaced already! It's not a home it is an investment!
Should be good for 200 points on the Dow today.
I'll take the over. After all, it's OpEx (hat tip MS).
Time for a colon cleanse!
Since nobody else has, I'll take 2.
:pig:
:pig:
The only way builders stay in business is to build new homes; right? I think someone on here mentioned they will keep building until they can't anymore.
"Pigged" Liz.
The only way builders stay in business is to build new homes; right?
"We lose money on every sale ... but we make it up on volume!"
cant we put a restrining order on them ?
restraining
"We lose money on every sale ... but we make it up on volume!"
Didn't Biden say that yesterday ("spend your way out of bankruptcy"?)
Why yes, you did, Eric.
There's even a little bit of truth there.
Who did all this icon work?
Do they adjust for demolitions?
I'll take zero for bff. I think on Sunday they will announce a moratorium on bank failures while the FDIC gets a bazooka to not use.
Some Cuban Piggy/Biggy named Perez, who was still gonna big the biggest tower
in Miami as of a couple of months ago, apparently handed the keys back to
the banks on various projects and went under.
I suppose they can choose to lose money by sitting on the land or lose less money by developing the land and selling it to someone else who will sit on it...
lawyerliz: Who did all this icon work?
Strangely, the iconoclasts.
My meeting last nite was about a business all cash sale.
We'll see what sales say..........could be just more inventory (although I can't believe any financial institution would loan money to a builder on a spec home........but then, look at what they've already done).
liz
kencooper,isnt he sweet
Re: Lawyerliz Perez - Apparently he is now working with the Miami Dolphins as a business VP or something.
Perez, a native of Argentina known as the “Donald Trump of the Tropics,” attended the University of Michigan, Ross’ alma mater, and has lived in Miami since 1968.
With an estimated net worth in 2006 of $1.8 billion dollars, according to Forbes Magazine, Perez owns condominium towers throughout South Florida and Las Vegas.
But he run into financial problems in the struggling economy, especially after he took out loans to build condos he could not sell, including the three-tower Icon Brickell development in Miami.
On Wednesday, The Palm Beach Post reported lender took control of CityPlace South Tower’s 420-unit building.
Perez told The Herald he has whittled his debt from $2 billion to about $1.5 billion, but has set aside a significant amount of personal wealth he could use to invest in the Dolphins.
they have got to get those bubbles re-blown again. the country security depends on it.
hmm kencooper i think we need a snark icon, please
Lakshman Achuthan, economist at the Economic Cycle Research Institute, claims all his indicators, long, short, and coincident have turned up.
He sees an end to the recession soon.
I mentioned yesterday that the recession may be ending for those who stay employed, but it will progressively painful for those that don't. Millions of bubble jobs are gone with the bubble. Pop!
They are not lending money to anybody here.
It's been about 2 years now since I did a conventional loan closing,
or one where a conventional loan was involved. The Great Recession
will be over when I do 2 in a month!
I will have many
s when and if that ever happens.
Super duper sweet.
The mountains are calling and I must go.
John Muir
I'd rather not know what a snark looked like.
but the recession hasnt really started in a lot of places so how can it be getting over?
The only way builders stay in business is to build new homes; right?
This was my first thought too. What else are they going to be doing? And really, as RD says, they were probably built months ago but due to the 'shuffling of paper' only finished this month.
YLSP,
DO you want me to add another to your BFF estimate?
Comrade Coinz,
From your link.
If so, why is there such widespread doubt among analysts about an imminent end to the recession? The problem “is a widespread inability to distinguish among leading, coincident and lagging indicators, along with the vast majority of economic indicators that do not fall neatly in any of those three categories. Thus, indicators are typically judged by their freshness, not their foresight. Since most market-moving numbers are coincident to short leading, while corporate guidance is often lagging, it is no surprise that analysts do not discern any convincing evidence of an economic upturn.”
How is this guy any different? His indicators are the right ones?
You can hold off from getting a certificate of completion/occupancy for a very
long time, since here at least you have a huge fight with the bureaucrats to
get it, since they are reluctant ever to say yes, and always fight a few insignificant
but very expensive to fix flaws. That outlet is an inch off!!!
HomeGnome,
1 "bank" and 1 piece of CIT... that's my prediction...
Where hasn't it gotten started?
This sounds like the 2nd half recovery of last year to me.
I think if Eric could somehow get an FDIC employee to put on a mortgage pig shirt and pose in the front of the Corus branch with pizza in hand....my life would finally have meaning.
I'd rather not know what a snark looked like.
What about a boojum?
I'd picture a snark kind've like growling dog teeth...
Don't do it lawyerliz, goodness knows you've learned your lesson on educating yourself on "unknown words" from CR!! I'm not even going to google boojum...
I think if Eric could somehow get an FDIC employee to put on a mortgage pig shirt
Dunno about FDIC, but I think I might strolled down there with my shirt on.
I'm not even going to google boojum...
Lewis Carroll's famous poem "The hunting of the snark"....
"for the snark was a boojum, you see".
Downcoming failure must be a big one. Herewith some evidence:
Huge blob of Arctic goo floats past Slope communities: Arctic Alaska | adn.com
Phew... for a minute there I thought we were headed into teabag territory...
the third brick,
I think we know where all the toxic assets went!
@YSLP,
Right. He thinks his mix of data points is better than others. The biggest data point for me is the huge debt hangover and the millions of underwater houses. Maybe there will be a technical call to end the recession this year, but it won't stop the bleeding.
If the snark was a boojum, I wonder if all boojums were snarks?
Oh, and foreclosures, as announce by NPR, were down by a bunch
half? 40%.
NPR didn't trouble to repeat that the filing fee per foreclosure went
up to $2009.00 from the high 200s-low 300s, and that one might have
something to do with the other.
As far as datapoints go; I was thinking incoming state tax revenue? I'm not sure if we get the best data on that around April or if there are other tax receipt reports from around the states...
Wikiepedia: Boojum (superfluidity), a phenomenon in physics, associated with superfluid Helium-3.
Jon Stewart takes his swat at GS.
Jon Stewart Takes On Goldman Sachs | zero hedge
Looking up boojum via wikipedia: "A planned but never completed version of the SM-62 Snark". SM-62 Snark is "a specialized intercontinental cruise missile with a nuclear warhead operated by the US Strategic Air Command from 1958 until 1961. It takes its name from Lewis Carroll's snark,[1] a very ambitious fictional monster with very little sense of humor."
Obviously I don't read literature, or haven't done so since high school... (hanging my head in shame)
Dunno about FDIC, but I think I might strolled down there with my shirt on.
A right fine alternative.
"kencooper,isnt he sweet"
Yes, he let me know what a sock puppet was last month! I love that guy!
Yay it is BFF! I'll have to ask my banks courier if he saw any pizza delivery trucks lurking at his last pickup of the day. Their microfish machine they use to image checks has been broken for about 2 months now. Poor guy sweats bullets with each delivery, knowing if he gets in a wreck and those checks end up all over the hwy there is no record of them...I think I keep my account with them as an act of dare devilry...
BFF Poll is still open...
is anyone else having trouble with getting market data from Yahoo Finance this morning? Does anyone have a better source??????
"Boojum (superfluidity), a phenomenon in physics, associated with superfluid Helium-3."
Yeah, it can slither up the side of a container like an octopus. Kind of like your mortgage.
I missed the Poll HG...
OIC, we are guessing how many today? I'm going with 2, big ones.
Thanks for participating.
Ten little to medium sized.
is anyone else having trouble with getting market data from Yahoo Finance this morning? Does anyone have a better source??????
WSJ:
Markets Data Center Home - Market Data, Indexes, Stock Quotes & More - WSJ.com
Bloomberg:
Bloomberg.com:
Market Data
Does anyone have a better source??????
Just ask GS where they'd like to have your positions marked.
BWAHAHAHA Eric, thanks for the belly laugh before I leave for work. Woot...
Thanks, we will not monetize.
I use Google Finance...
You want in for 10; then you're in for 10!
"You want in for 10; then you're in for 10!"
OK
Was it Basel Too who was in for CIT @ 0.38? its up in the 0.54 range right now.
How about a BFF poem, our CR scribe?
Yep, Basel.
Trying to earn some dinner dollars and some hopium bucks.
How about a BFF poem, our CR scribe?
This wild howling in the air is death,
Ashes of the dead ones near the altar,
Wolf, ghoul, or something large with hands
Something that can groan pulls at the doors
Lifts the heavy roof and lets it go
Something great with eyes, a mouth that screams
Grapples with the doors, a famished wind...
-- Pavel
LOL!! Eric, I just saw that one!
my yahoo finance is strolling just fine across the screen
Just ask GS where they'd like to have your positions marked.
When I get their response, should I mentally tack on another dime in each direction to allow for them to front-run my trade? Or is that already 'baked in' to their quote?
Thank you, Pavel.
gabyjan, Mine is working now too, it only had the Nasdaq streaming data for about 10 minutes after the open. Wierd.
BFF.... put me down for 3, and $10 if I hit.
I'll also try for a Mortgage Pig T-shirt photo if they hit CORUS.
Beware of "seasonal adjustments."
China is behind it all. Stuck with a gazillion US dollars, and already having bought up oil fields, copper mines, and iron ore supplies, it is now turning its eyes towards the Great American Dream - home ownership. China has figured out that it may be better able to keep the value of its dollars by buying up "real" US assets. I think there is even an outside chance of them putting a bid in for all of California within the next 6 months or so. It would be a perfect fit. Lot's of opportunities for Chinese engineers (Silicon Valley) and Chinese peasants (ag work).<snark?>
urban dictionary
snark is a combiation of snide and remark.
I'll also try for a Mortgage Pig T-shirt photo if they hit CORUS.
THAT would be awesome!
and you're in the polling.
yup, that was me taking a flier with CIT. just got out of CIT at $0.60.
HomeGnome:
here is the shape of our state finances for June. Did you notice yesterday that the BEA revised the 2009FY budget down another 3.5% already? Non-exempt agencies are bracing for more cuts, even though they just started the new year...
http://www.bcb.sc.gov/webfiles/BCB_BEA/Monthly%20Revenue/BEA_Revenues_June_2009.pdf
Guys, massive synchronicity this morning on the way to drop my wife off to work...every radio station I switched to, had a drinking song on at around 8:15 this morning. Even the classical station...switched it on last and heard a few notes and the dj said 'also known as the drinking song'....couldn't believe it. Classic rock station, woke up this morning had a beer...mix station, drinking beer at noon on Tuesday, country...whiskey shots... so I don't know what is going to happen today, but I think the drinking has already started...
Basel,
I blame it all on Sanford...
South Carolina is in for a world of hurt.
.........I'm on the record for (4) for BFF..............
Any other takers?
yagij 4
"Thank you, Pavel."
You're welcome, HG.
This is sad. Builders have a history of wearing rose colored glasses (in addition to acting like babies). There can't be enough areas that actually need more houses to fuel this increase.
Carl Pruitt