Existing Homes Sales Jump Most in 30 Years
This story from Wall Street Cheat Sheet
Markets have pared losses this morning after macro economic news releases for Initial Jobless Claims (See “Seesaw! Weekly Unemployment Claims Drop 37,000 to 404,000“) and Existing Home Sales:
Existing Home Sales: Highest Rise in Almost 30 Years
The 12.3% pop to 5.28 million home sales beat Wall Street’s consensus estimates for 4.8 million sales. In other marginally good news (hey, we need all we can get in housing), November’s sales were revised upward to 4.7 million from 4.68 million.
The National Association of Realtors Chief Economis Lawrence Yun said, “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”
On a negative note, “The national median existing-home price for all housing types was $168,800 in December, which is 1% below December 2009. Distressed homes rose to a 36% market share in December from 33% in November, and 32% in December 2009.”
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Whistler Blowers, Insiders
U.S. Homebuilders Had Second Worst Year Ever
January 20, 2011 7:51
U.S. homebuilders are coming off their two worst years in more than a half-century, and the outlook for this year is only slightly better.
Economists say it could take three more years before the industry begins building homes at a healthy rate. In the meantime, the housing downturn is dragging on the broader economy, with one-quarter of the jobs lost since the recession began in the construction field.
Builders normally help lead the economy out of a recession. Construction projects fuel growth, and that leads to more hiring.
But a year and a half after the recession officially ended, builders are struggling to compete in markets flooded with unsold homes — many of them foreclosures that are depressing prices.
By Martin Crustinger
Denver Post
January 20, 2011
“Housing in the past has always been one of the key drivers getting the economy back on track. It is not going to happen this time because there is a huge glut of homes out there,” said Patrick Newport, U.S. economist at IHS Global Insight.
Homebuilders broke ground on 587,600 homes in 2010, just slightly better than the 554,000 started in 2009, the Commerce Department reported Wednesday. Those are the lowest annual totals on records dating back to 1959.
And the pace is getting worse. The Commerce Department reported Wednesday that builders started work at a seasonally adjusted annual rate of 529,000 new homes and apartments last month. That’s a drop of 4.3 percent from November and the slowest pace since October 2009.