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Economics
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Written by Jonathan Dienhart
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02.25.2010 |
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Housing data was weak on all fronts with sales and pricing in both the new and existing home markets posting declines in the first month of 2010. Although bad weather conditions may have contributed to some of the weakness, it is not good news that extraordinarily low mortgage rates and the extended homebuyer tax credit were insufficient to boost sales activity. New home sales volume hit an all-time low in January while existing home sales fell to its slowest annual pace since June. Exceptionally bad weather conditions in February throughout most of the U.S. will likely result in subdued sales activity again, which would be reflected in the data released next month. The extended federal tax credit now expires at the end April, so it’s likely we’ll see a run up in activity as we near that point, with a potential “clash-for-clunkers” type drop-off in sales activity for the month following. | | This item includes 1 comment |
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Market Research
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Written by Jonathan Dienhart
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02.10.2010 |
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Residential permit activity ended 2009 on a comparatively positive note. In the fourth quarter, total permit issuance was down just 5% from the level seen during the same period last year. Single-family permits were up 15% during the quarter, while multifamily totals were 40% lower than one year ago. Though still below last year’s level, the 5% drop in total permits is the smallest year-over year decline in total permit issuance seen in any quarter since the first quarter of 2006 when total permits rose 4% on a year-over-year basis. In comparison, at the end of 2008 total permits were down by 46% from the preceding year. | | No comments for this item |
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Market Research
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Written by Jonathan Dienhart
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02.10.2010 |
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In the latest release of our 4th Quarter 2009 New Home Executive Summary reports, builders saw improved conditions in several markets nationwide in terms of increases in year-over-year net sales volumes and prices, as well as continued decreases in inventory levels. The Denver new home market has been a top performer, with total net sales increasing 40% in the fourth quarter of 2009 when compared to the volume observed in fourth quarter 2008. Sales prices of new homes have remained steady in Denver, with the median new home price increasing 8% year-over-year. The San Francisco Bay Area, where indicators were on a steady downward path over the last three years, saw a welcomed boost during 4th quarter 2009, with net sales posting a 37% increase from one year earlier. | | No comments for this item |
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Economics
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Written by Jonathan Dienhart
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01.30.2010 |
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The downward trend in the markets continued in an eventful week of news, economic data, and earnings announcements. The broader S&P 500 index finished trading on Friday down almost 1.0% for the day and down about 1.6% for the week. The S&P 500 index closed at its lowest levels since November 6th on Friday and has fallen 6.6% since its 2010 highs just less than two weeks ago. Equities did not respond well despite President Obama’s first State of the Union address in which he focused on jobs and reviving the U.S. economy. The Fed also held its first meeting of the year in which they kept their target Fed Funds rate unchanged at a range of 0-0.25% while stating that the economy continued to show signs of improvement. The recent correction may be due to some profit-taking and a sign that the market has taken a more cautious approach after posting huge gains since March of last year. The big market mover to keep an eye on in the coming week will be January employment figures to be released on Friday. | | No comments for this item |
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Economics
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Written by Jonathan Dienhart
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01.22.2010 |
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The market continued its downward trend this week sparked primarily by economic concerns in China and talk of stricter regulations in the banking industry. The market is on pace to record its third consecutive day of losses on Friday. In afternoon trading, the broader S&P 500 index is trading 0.7% lower at 1,109. The S&P 500 index is currently trading down about 2.4% for the week and if the selling persists, this will be its lowest close since the year began. In the previous trading session on Thursday, stocks suffered their largest single-day percentage decline since October. | | No comments for this item |
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Economics
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Written by Jonathan Dienhart
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01.08.2010 |
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The biggest economic news item this week was today’s December employment report, which showed a larger than expected loss to close out a dismal 2009. The job losses posted in December represent another sobering reality check that conditions in the labor market are still weak. Businesses are still battling the slower economy and many are still reorganizing to remain competitive in the current environment, as evidenced by UPS’ recent announcement that it would be cutting its workforce by another 1,800 jobs. On the housing front, the National Association of Realtors reported the first drop in its pending home sales index in the last 10 months while the Labor Department reported that jobless claims edged up slightly over the past week. | | No comments for this item |
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Economics
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Written by Jonathan Dienhart
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12.18.2009 |
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As our last Key Indicator Summary for 2009, we at Hanley Wood want to wish all of our readers and clients a safe and happy holiday! Equity markets remained fairly steady throughout the week as renewed fears in the labor markets offset positive housing data earlier in the week. On Thursday, initial unemployment claims posted an unexpected increase for the second consecutive week which reignited concerns that labor market conditions may not have stabilized just yet. This followed a report on Wednesday from the Commerce Department that new home starts rebounded 8.9% in November while building permits rose 6.0%. Housing starts were driven by a jump in multi-family activity which was coming off record lows in October. Leading economic indicators also posted an increase for the eighth consecutive month which suggests economic conditions will continue to improve going into next year. | | No comments for this item |
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