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June 2009 Key Indicator Alert: Looking for Direction Economics Written by Ken Lee    06.25.2009 After plunging on Monday due to renewed concerns of a global economic slowdown, Wall Street rebounded on Thursday thanks to slightly better economic news and bargain hunters jumping back into the market to capitalize on early-week declines. The broader S&P 500 Index finished up over 2% on Thursday to 920.26 which is practically where it stood at the end of trading last week. Markets sold off on Monday when the World Bank revised its estimates lower for the world economy to 2.9% contraction compared to a previously estimated 1.7% drop. The Fed also concluded a two-day meeting on Wednesday which resulted in the target Fed Funds rate remaining unchanged at the 0 to ¼ point range. The Fed statement also noted that their view on inflation remains “subdued” and the recent rise in crude may have eased concerns of deflation. No comments for this item Read more...

Pending Home Sales Index Points to Continued Improvement Economics Written by Jonathan Smoke    02.03.2009 The National Association of Realtors released the December Pending Homes Sales index reading today. The index rose 6.3% to 87.7 from an upwardly revised reading of 82.5 in November. The December reading was 2.1% higher than December 2007 when it was 85.9. Correspondingly NAR reported that the Housing Affordability Index rose 10.9% in December to 158.8, the highest national score on record. The index measures what a median income household can afford where 100 means that the median household can just afford a median priced home with 20% down at today’s average mortgage rates. At this higher level of affordability, median households can afford far more than the median home. No comments for this item Read more...   New Home Sales Hit New Lows, But Inventories Continue to Fall Economics Written by Jonathan Smoke    01.29.2009 Except for the lagging home price indices that will be released for December next month, we got the final metric today that closed the book on what was a rotten end to a rotten year. The Commerce Department reported that new home sales in December 2008 were at a seasonally adjusted annual rate of 331,000 units, a new record low. The December pace of sales was 14.7% below the downwardly revised November rate of 388,000 units. Also according to the Commerce Department’s survey-based numbers, 482,000 new homes were sold in 2008, down 37.8% from the 2007 figure of 776,000. No comments for this item Read more...   Looking for Signs of Improvement Economics Written by Jonathan Smoke    01.27.2009 While yesterday provided some positive news that progress was being made on existing home inventories in December, today we received a reminder of how bad things were in November as well as further insight into why existing home sales have picked up. Would you believe that home prices have fallen? Sarcasm aside, the recently released Case-Shiller Home Price data from Standard and Poor’s revealed that home prices set new record annual declines in November. No comments for this item Read more...   Surprising Rise in Existing Home Sales in December Economics Written by Jonathan Smoke    01.26.2009 Apparently December wasn’t all bleak for housing. The National Association of Realtors reported preliminary existing home sales for December today, and according to their report sales rose unexpectedly while inventory declined. The jump in sales was led by a surge of sales in the West. Total existing-home sales rose 6.5% to a seasonally adjusted annual rate of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November. That reversed two negative declines, including the 9.4% plunge in November. But compared to December 2007, sales were still down 3.5%. No comments for this item Read more...   Residential Construction Is in Its Darkest Period Economics Written by Jonathan Smoke    01.22.2009 It didn’t take a crystal ball to predict that residential construction would end 2008 at record lows. Today we got confirmation from the Commerce Department that indeed residential construction has fallen to the lowest level we have on record. The Commerce Department reported that total permits in December were at a seasonally adjusted annual rate of 549,000 units, which was 10.7% below the revised November rate of 615,000 units. No comments for this item Read more...   Builder Sentiment Reaches New Lows Economics Written by Jonathan Smoke    01.21.2009 As I flew cross country this morning to attend the International Builder Show, the National Association of Home Builders and Wells Fargo released the January reading of builder sentiment known as the Housing Market Index. It should be no surprise to anyone in this industry that the current index reading hit a new all-time low. The overall HMI index reading for January was 8, down from 9 in December. Even more telling, the Current component, which measures feelings about current market conditions, registered a 6, down from 8 in December. No comments for this item Read more...

More... Consumers Do Not Wear Hard Hats See Which Markets Are in Better Shape News Flash! Housing Was Horrible at the End of 2008 S&P Case-Shiller Indices Reflect Further Declines in October November Home Sales Down But Inventory Data Provide Something to Cheer About Permits and Starts for November at Historic Lows Builder Sentiment Remains Depressed As Future Outlook Dims October Pending Home Sales Decline Less Than Expected In Defense of Housing: There’s No Investment Like Home Be Thankful 2008 Is Almost Over

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