Real Estate News: Ultra-Luxury Market Shows Strong Gains – WSJ
Quadruple Dip: Housing Relapses As “March Is Turning Out To Be The Weakest Month Since Last October Re: Buyer interest” – Zero Hedge
Principal writedowns of the day, mortgage edition – Felix Salmon
Pending Home Sales, Permits, Starts & Completions - TBP
I am stumped by the ongoing insistence that a turnaround in Housing is upon us. It simply is not in the data, as we saw sales of new homes fell 1.6%, plus or minus 23.9% (LOL).
Every Single Housing Datapoint From This Week Was A Miss – Business Insider
Let’s run through it all real quick:
- Monday: Homebuilder sentiment missed, coming in at 28 vs. expectations of 30.
- On Tuesday, housing starts came in just below expectations.
- On Wednesday, mortgage applications for teh week fell 7.4%. Also existing home sales came in at an annualized pace of 4.59 million, vs. expectations of 4.61 million.
- On Thursday, the FHFA house price index showed no gain vs. expectations of 0.%. Last month was revised from a 0.7% gain to just 0.1%.
- And then today we got New Homes Sales of just 313K vs. expectations of 325K. Also today, the major homebuilder KB Homes reported a big miss, and the stock is getting crushed.
So yeah… this was not the week for confirmation of your housing recovery thesis.
How Apple is propping up the stock market – Ezra Klein
Groundhog Day – California budget deficits pop up once again. - Dr. Housing Bubble
The Rich Get Even Richer – NY Times
The Wall Street multibillion scandal no one is talking about – CNN (LIBOR)
No Country For Thin Men: 75% Of Americans To Be Obese By 2020 – Zero Hedge
The War Against Youth – Esquire
The recession didn’t gut the prospects of American young people. The Baby Boomers took care of that.
Early exposure to germs has lasting benefits – Nature