BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Crude Oil Tops $83 a Barrel]]>http://www.bloggingstocks.com/2010/10/19/crude-oil-tops-83-a-barrel/http://www.bloggingstocks.com/2010/10/19/crude-oil-tops-83-a-barrel/http://www.bloggingstocks.com/2010/10/19/crude-oil-tops-83-a-barrel/#commentsFiled under: , ,

The price of oil jumped 2.3% to close at $83.08 per barrel on Monday, The Wall Street Journal reported. The trigger was a report by the Department of Energy stating that Inventories fell to 1.13 billion barrels from a high of 1.44 billion barrels in September.

Since June, oil has been range-bound between $70 and $80 per barrel. Now, with inventories lower, there is a fundamental reason for oil to trade higher.

Continue reading Crude Oil Tops $83 a Barrel

Crude Oil Tops $83 a Barrel originally appeared on BloggingStocks on Tue, 19 Oct 2010 11:20:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>crudecrude inventoriescrude oildollarfederal reserveinflationinthenewsinventoriesoilTue, 19 Oct 2010 11:20:00 EST<![CDATA[High Inventories Keep a Lid on Oil Prices]]>http://www.bloggingstocks.com/2010/08/19/high-inventories-keep-a-lid-on-oil-prices/http://www.bloggingstocks.com/2010/08/19/high-inventories-keep-a-lid-on-oil-prices/http://www.bloggingstocks.com/2010/08/19/high-inventories-keep-a-lid-on-oil-prices/#commentsFiled under: ,

The U.S. Department of Energy reported that stockpiles of crude oil and refined products rose 1.13 billion barrels last week. This is the highest inventory rise since 1990, when records first began.

The big inventories are keeping a lid on prices. Oil traded below $75.00 per barrel on the NYMEX. A few weeks ago, oil traded as high as $83.00 per barrel.

Continue reading High Inventories Keep a Lid on Oil Prices

High Inventories Keep a Lid on Oil Prices originally appeared on BloggingStocks on Thu, 19 Aug 2010 10:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>crude oilinthenewsinventoriesoilstockpileThu, 19 Aug 2010 10:30:00 EST<![CDATA[Oil prices move higher following bullish inventory report, Iranian missile test]]>http://www.bloggingstocks.com/2009/12/16/oil-prices-move-higher-following-bullish-inventory-report-irani/http://www.bloggingstocks.com/2009/12/16/oil-prices-move-higher-following-bullish-inventory-report-irani/http://www.bloggingstocks.com/2009/12/16/oil-prices-move-higher-following-bullish-inventory-report-irani/#commentsFiled under: , , , ,

oil inventory reportOil prices have been on the rise today, following a government report that showed inventories fell more than expected last week.

Going into today's inventory report, analysts had been expecting to hear that oil inventories shrank by around 2 million barrels last week, but according the the Department of Energy the actual draw was much steeper at 3.7 million barrels.

Continue reading Oil prices move higher following bullish inventory report, Iranian missile test

Oil prices move higher following bullish inventory report, Iranian missile test originally appeared on BloggingStocks on Wed, 16 Dec 2009 16:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bulgariaenergyheatinginventoriesiranmissile testmissilesMissileTestnuclearoiloil demandoil pricesOilDemandOilPricesromaniawinterWed, 16 Dec 2009 16:45:00 EST<![CDATA[Oil rises despite increased inventories]]>http://www.bloggingstocks.com/2009/09/30/oil-rises-despite-increased-inventories/http://www.bloggingstocks.com/2009/09/30/oil-rises-despite-increased-inventories/http://www.bloggingstocks.com/2009/09/30/oil-rises-despite-increased-inventories/#commentsFiled under: , , , , , ,

oil pricesOil prices have risen sharply today, despite news that oil inventories rose more than expected last week.

Traders pushed oil up $2.92 a barrel Tuesday to $69.63 even though oil inventories rose by 2.8 million barrels last week verse analyst estimates for a rise of 2.1 million barrels.

Continue reading Oil rises despite increased inventories

Oil rises despite increased inventories originally appeared on BloggingStocks on Wed, 30 Sep 2009 17:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>economygasgasolineGDPinthenewsinventoriesIranoiloil pricesOilPricespoliticsrecessionWed, 30 Sep 2009 17:00:00 EST<![CDATA[Oil prices drop sharply on inventory report]]>http://www.bloggingstocks.com/2009/07/29/oil-prices-drop-sharply-on-inventory-report/http://www.bloggingstocks.com/2009/07/29/oil-prices-drop-sharply-on-inventory-report/http://www.bloggingstocks.com/2009/07/29/oil-prices-drop-sharply-on-inventory-report/#commentsFiled under: , , , , , ,

falling oil pricesWhen we looked at oil prices yesterday, we noted that the market was going to pay close attention to today's inventory report from the Depart of Energy.

Oil was already weak after yesterday's report on consumer confidence, and today's oil inventory report showed a much larger than expected increase in oil inventories, pushing prices sharply lower.

Continue reading Oil prices drop sharply on inventory report

Oil prices drop sharply on inventory report originally appeared on BloggingStocks on Wed, 29 Jul 2009 16:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>consumer confidenceConsumerConfidencefeaturedGDPinventoriesoiloil pricesoil supplyOilPricesOilSupplyunemploymentWed, 29 Jul 2009 16:00:00 EST<![CDATA[Tell-tale stat: Sales of $1 million homes plunge 43% in California in 2008 ]]>http://www.bloggingstocks.com/2009/02/05/tell-tale-stat-sales-of-1-million-homes-plunge-43-in-californ/http://www.bloggingstocks.com/2009/02/05/tell-tale-stat-sales-of-1-million-homes-plunge-43-in-californ/http://www.bloggingstocks.com/2009/02/05/tell-tale-stat-sales-of-1-million-homes-plunge-43-in-californ/#commentsFiled under: , ,

Is the U.S. housing sector approaching a bottom? Many economists and real estate analysts says it's too soon to talk in terms of 'a bottom' - - a process that will take months, if not quarters.

Still, one stat that indicates a bottom may be on the horizon: high-end home sales in California.

Sales of homes worth at least $1 million plummeted 42.5% in 2008 to 24,436, down from 42,506 in 2007, according to research compiled by DataQuick.

In 2008, one in 16 California homes sold for $1 million or more; in 2007, one in nine had a price at / above $1 million.

Continue reading Tell-tale stat: Sales of $1 million homes plunge 43% in California in 2008

Tell-tale stat: Sales of $1 million homes plunge 43% in California in 2008 originally appeared on BloggingStocks on Thu, 05 Feb 2009 11:25:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Californiafeaturedinventoriesmedian home pricesThu, 05 Feb 2009 11:25:00 EST<![CDATA[Existing home sales rise, but median price falls]]>http://www.bloggingstocks.com/2009/01/26/existing-home-sales-rise-but-median-price-falls-15-3-to-175-4/http://www.bloggingstocks.com/2009/01/26/existing-home-sales-rise-but-median-price-falls-15-3-to-175-4/http://www.bloggingstocks.com/2009/01/26/existing-home-sales-rise-but-median-price-falls-15-3-to-175-4/#commentsFiled under: , ,

Just call the December 2008 existing home sales data an upside / downside report: On the upside, sales rose 6.5% to a seasonally-adjusted annualized rate of 4.74 million units, the National Association of Realtors announced Monday. On the downside, the median sales priced plunged a record 15.3% compared to a year ago to $175,400.

Economists surveyed by Bloomberg News had expected December 2008 existing home sales to total a 4.4-million-unit annualized rate.

Further, for all of 2008, median prices declined 9.3% to their lowest level since 2004. Also in 2008, existing home sales totaled 4.91 million units, a 13.1% drop from 5.65 million units sold in 2007. The 4.91 million 2008 total is also the lowest since 4.37 million units were sold in 1997.

One unqualified bright spot: home inventories, which declined 11.7% to 3.68 million units, or about a 9.3-month supply at current sales rates, down from an 11.2-month supply in November 2008.

Housing Sector / Economic Analysis: The recession -- and the financial crisis, for that matter -- began in housing; perhaps the recovery will begin there, as well. Prices continue to decline, but the decrease in existing home inventories is a positive: if inventories continue to decline in the coming months, that could signal better days ahead in construction. Inventories of both existing and new homes must decline further before home builders can consider increasing construction. Stay tuned.

Existing home sales rise, but median price falls originally appeared on BloggingStocks on Mon, 26 Jan 2009 10:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>existing home salesinthenewsinventoriesmedian home pricesNational Association of RealtorsMon, 26 Jan 2009 10:40:00 EST<![CDATA[Saudis say oil won't be used as a weapon to end Middle East crisis]]>http://www.bloggingstocks.com/2009/01/08/saudis-say-oil-wont-be-used-as-a-weapon-to-end-middle-east-cris/http://www.bloggingstocks.com/2009/01/08/saudis-say-oil-wont-be-used-as-a-weapon-to-end-middle-east-cris/http://www.bloggingstocks.com/2009/01/08/saudis-say-oil-wont-be-used-as-a-weapon-to-end-middle-east-cris/#commentsFiled under: ,

The oil market breathed a minor sigh of relief Thursday after Saudi Arabia said there would be no replay of 1973-74 regarding the current Middle East crisis.

Saudi Foreign Minister Prince Saud al-Faisal said oil "isn't a weapon" to end the conflict between Hamas and Israel, Bloomberg News reported. Prince al-Faisal said oil can't reverse the conflict, countering a call by OPEC-hawk Iran that Arab states stop producing oil as a way to pressure countries supporting Israel.

Oil continued its recent downward trek Thursday morning on the news, falling $1.58 to $41.05 per barrel. Oil hit an all-time of $147.27 per barrel in the summer of 2008.

In 1973, the Arab members of OPEC implemented an oil embargo against the United States in response to the U.S.'s decision to re-supply Israel's military during the Yom Kippur War, which Israel won. The price of oil subsequently quintupled from about $20 per barrel to about $100 per barrel in 2009 dollars (or from about $3 per barrel to $13 per barrel in 1974 dollars), creating the world's first oil shock, and triggering a U.S. recession.

The other major energy commodities also declined early Thursday. Heating oil fell 2 cents to $1.54 per gallon, unleaded gasoline decreased 3 cents to $1.07 cents per gallon, and natural gas dipped 5 cents to $5.92 per million BTUs.

Continue reading Saudis say oil won't be used as a weapon to end Middle East crisis

Saudis say oil won't be used as a weapon to end Middle East crisis originally appeared on BloggingStocks on Thu, 08 Jan 2009 14:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gasoline pricesHamasinthenewsinventoriesIranIsraelnatural gasoil pricesoil shockOPECRussiaSaudi ArabiaUkraineThu, 08 Jan 2009 14:15:00 EST<![CDATA[Tell-tale stat: Manhattan apartment sales decline for 4th straight quarter]]>http://www.bloggingstocks.com/2009/01/06/tell-tale-stat-manhattan-apartment-sales-decline-for-4th-straig/http://www.bloggingstocks.com/2009/01/06/tell-tale-stat-manhattan-apartment-sales-decline-for-4th-straig/http://www.bloggingstocks.com/2009/01/06/tell-tale-stat-manhattan-apartment-sales-decline-for-4th-straig/#commentsFiled under: , ,

It looks like the nation's last hold-out -- the last bastion of the housing bubble, if you will -- has finally started to burst. Or at least deflate.

Manhattan, which remains, despite the nation's decade of policy errors, the capital of the world, registered its fourth straight quarterly decline in apartment sales in Q4 2008, according to research compiled by Prudential Douglas Elliman Real Estate (pdf).

Transactions in Q4 2008 fell 9.4% from a year ago to 2,282, Prudential said. Further, while the median price of all units (new and existing) rose 5.9% to $900,000, the median price for re-sale properties fell 3.6% to $732,500. Luxury unit prices fell 3.9% to $4.13 million

Just as telling: inventories have soared. Listings increased 39.3% to 9,081 units compared to a year ago, with the average days a listing was on the market before sale rising to 159 days, from 131 days a year ago.

Driven by record investment banking / financial sector salaries and bonuses, and by creative mortgage forms, New York City's real estate market, specifically the borough of Manhattan, experienced "a 5-year period of clearly unsustainable price gains," so says economist Peter Dawson. Manhattan, he says, was able to hold on in 2007 as the housing slump devastated prices in the U.S., particularly in the California, Southwest U.S., and Florida markets, but the financial crisis that depleted New York's investment banking employee ranks is finally showing up in Manhattan's residential real estate market, he said.

Continue reading Tell-tale stat: Manhattan apartment sales decline for 4th straight quarter

Tell-tale stat: Manhattan apartment sales decline for 4th straight quarter originally appeared on BloggingStocks on Tue, 06 Jan 2009 17:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>featuredinventoriesManhattanmedian home pricesNew York CityPrudential Douglas Elliman Real EstateTue, 06 Jan 2009 17:45:00 EST<![CDATA[Home prices nosedive a record 18% in the past year, Case-Shiller says]]>http://www.bloggingstocks.com/2008/12/30/home-prices-nosedive-a-record-18-in-the-past-year-case-shiller/http://www.bloggingstocks.com/2008/12/30/home-prices-nosedive-a-record-18-in-the-past-year-case-shiller/http://www.bloggingstocks.com/2008/12/30/home-prices-nosedive-a-record-18-in-the-past-year-case-shiller/#commentsFiled under: , , ,

The song remains the same regarding the U.S. housing sector.

Home prices in the United States in 20 cities declined at the fastest pace ever, weighed down by foreclosures and bank efforts to unload that extra housing.

Home prices in a 20-city sample plunged a record 18.0% in October, on a year-over-year basis, according to the S&P / Case-Shiller U.S. National Home Price survey (pdf). The index has fallen every month since January 2007. Home prices fell 17.4% in September, and 16.6% in August, each on a year-over-year basis.

All 20 cities drop

Also, every city in the 20-city index registered a decrease in October, on a year-over-year basis.

Further, prices in a 10-city survey plummeted a record 19.1% on a year-over-year basis.

Continue reading Home prices nosedive a record 18% in the past year, Case-Shiller says

Home prices nosedive a record 18% in the past year, Case-Shiller says originally appeared on BloggingStocks on Tue, 30 Dec 2008 13:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Case Shillerforeclosuresinthenewsinventoriesmedian home pricesTue, 30 Dec 2008 13:15:00 EST<![CDATA[Median U.S. existing home price plunges 13% to $181,300 in past year]]>http://www.bloggingstocks.com/2008/12/23/median-u-s-existing-home-price-plunges-13-to-181-300-in-past/http://www.bloggingstocks.com/2008/12/23/median-u-s-existing-home-price-plunges-13-to-181-300-in-past/http://www.bloggingstocks.com/2008/12/23/median-u-s-existing-home-price-plunges-13-to-181-300-in-past/#commentsFiled under: , , , ,

One holiday wish by investors -- and business executives -- should be for a U.S. economic recovery, starting with the housing sector.

That's because the housing sector showed few signs of renewal in November, as the median sales price of existing homes plummeted 13.2% to $181,300 on a year-over-year basis, the National Association of Realtors announced Tuesday. In November 2007, the median price was $208,800.

By region, the median existing home price in November dropped 0.1% in the Northeast to $257,700, decreased 25.5% in the West to $242,500, dropped 10.6% in the South to $154,500, and declined 11.2% in the Midwest to $142,200.

Meanwhile, sales of existing homes sank 8.6% in November to a 4.49-million-unit annualized rate. Sales have declined 10.6% on a year-over-year basis.

Equally distressing, the number of existing homes on the market in November rose to an 11.2-month supply at the current sales rate, up from a 10.3-month supply in October. A typical healthy market has a three to five month supply.

Home prices are 'not delightful'

Economist Peter Dawson said the weather outside is frightful, and home prices are not delightful.

Continue reading Median U.S. existing home price plunges 13% to $181,300 in past year

Median U.S. existing home price plunges 13% to $181,300 in past year originally appeared on BloggingStocks on Tue, 23 Dec 2008 12:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>housing sectorinthenewsinventoriesmedian home pricesNational Association of RealtorsTue, 23 Dec 2008 12:10:00 EST<![CDATA[Should Congress pass a tax deduction for down payments for home buyers?]]>http://www.bloggingstocks.com/2008/12/17/should-congress-pass-a-tax-deduction-for-down-payments-for-home/http://www.bloggingstocks.com/2008/12/17/should-congress-pass-a-tax-deduction-for-down-payments-for-home/http://www.bloggingstocks.com/2008/12/17/should-congress-pass-a-tax-deduction-for-down-payments-for-home/#commentsFiled under: , ,

Attentive husband and father that he is, economist Peter Dawson frequently goes for neighborhood walks with his two grade-school daughters, Laurie and Katie. Max, the family's dog, usually accompanies them. It's great exercise for him and the kids, he says, and Max also has a great time.

A common vista during their walks these days in his delightful suburb about an hour train ride north of New York City?

"Lots and lots of 'For Sale' signs," Dawson said. "I've never seen so many."

Housing: buyers' market, no question

Perhaps neither have the American people. Depending on the survey, and whether you're evaluating new homes or existing homes, there's a 9-11 month supply of homes on the market, nationally, Dawson said. Typically, each category would have a 3-5 supply of homes for sale, in a healthy housing market, he said.

"The current debate in Washington is breaking down to the best way to stimulate the economy, either demand side tactics or supply side tactics. I say we have to use 'both sides' tactics," Dawson said.

Continue reading Should Congress pass a tax deduction for down payments for home buyers?

Should Congress pass a tax deduction for down payments for home buyers? originally appeared on BloggingStocks on Wed, 17 Dec 2008 13:44:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Congressdown paymentfiscal policygdphousinginthenewsinventoriesmedian home pricestaxesU.S. economyWed, 17 Dec 2008 13:44:00 EST<![CDATA[Are U.S. homes undervalued?]]>http://www.bloggingstocks.com/2008/12/05/are-u-s-homes-undervalued/http://www.bloggingstocks.com/2008/12/05/are-u-s-homes-undervalued/http://www.bloggingstocks.com/2008/12/05/are-u-s-homes-undervalued/#commentsFiled under: , ,

Are U.S. homes undervalued? A new survey suggests they are, but don't confuse that fact with 'a good time to buy a home.'

U.S. home prices fell at a 6.9% annual pace in Q3, and are down 6.5% from their 2007 peak, with prices falling in 241 of 330 metropolitan markets, a survey by IHS Global Insight shows, marketwatch.com reported. Further, compared to their long-term fundamental values, U.S. homes are now 3.8% undervalued.

Undervalued homes? Yes, but...

Undervalued, yes. But does undervalued mean U.S. home prices are not likely to fall further? BloggingStocks asked economist Peter Dawson for an assessment.

"Home prices most certainly can fall further, and will continue to do so in most markets over the next year," Dawson said. "Potential home buyers have to keep in mind that just because a home in, say, Miami was $725,000 last year and is priced at $600,000 this year, and is 'undervalued,' that doesn't mean it can't fall to $500,000 or less by next year. And the price trend in most markets remains down. Home buyers need to keep sight of that."

Continue reading Are U.S. homes undervalued?

Are U.S. homes undervalued? originally appeared on BloggingStocks on Fri, 05 Dec 2008 14:56:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>existing homesgdpinventoriesmedian home pricesNARNational Association of RealtorsU.S. economyFri, 05 Dec 2008 14:56:00 EST<![CDATA[U.S. new home sales fall 5.3% in October to lowest level since 1991]]>http://www.bloggingstocks.com/2008/11/26/u-s-new-home-sales-fall-5-3-in-october-to-lowest-level-since-1/http://www.bloggingstocks.com/2008/11/26/u-s-new-home-sales-fall-5-3-in-october-to-lowest-level-since-1/http://www.bloggingstocks.com/2008/11/26/u-s-new-home-sales-fall-5-3-in-october-to-lowest-level-since-1/#commentsFiled under: , ,

U.S. new home sales fell 5.3% to a seasonally adjusted, annualized pace of 433,000 in October -- the lowest annualized level since 1991, the U.S. Commerce Department announced Wednesday (pdf).

Economists surveyed by Bloomberg News had expected October new home sales to register a 450,000 annualized rate.

Further, new home sales are down 40.1% compared to a year ago. In 2007, 776,000 new homes were sold, compared to 1.05 million in 2006. And the median sales price for a new house decreased to $218,000 in October, a drop of 7% in the past 12 months.

Sales fell in two regions -- declining 18% in the West and 6% in the South. Sales rose 22.6% in the Northeast and 6% in the Midwest.

One bright spot: inventories declined 8% in October to 381,000 units, a roughly 11-month supply at the current sales pace. Inventories have now declined 25.7% in the past year, the largest decline since the federal government started tracking data in 1963.

October data is mixed

Economist Peter Dawson called the October new home sales stats a smorgasbord of data, some positive, some negative.

"We did see a substantial decline in inventories, so that's a positive. The problem is, the rate of new home sales is now so low, due to the recession and credit crunch, that it's still going to take a long time to work off inventories, which are still very high at 11 months," Dawson said.

Continue reading U.S. new home sales fall 5.3% in October to lowest level since 1991

U.S. new home sales fall 5.3% in October to lowest level since 1991 originally appeared on BloggingStocks on Wed, 26 Nov 2008 13:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>housinginthenewsinventoriesmedian home pricesnew home salesU.S. Commerce DepartmentWed, 26 Nov 2008 13:20:00 EST<![CDATA[Record U.S median home price drop to $183,300 probably is not the bottom]]>http://www.bloggingstocks.com/2008/11/24/record-u-s-median-home-price-drop-to-183-300-probably-is-not-th/http://www.bloggingstocks.com/2008/11/24/record-u-s-median-home-price-drop-to-183-300-probably-is-not-th/http://www.bloggingstocks.com/2008/11/24/record-u-s-median-home-price-drop-to-183-300-probably-is-not-th/#commentsFiled under: , , ,

The the most-pressing question after the National Association of Realtors announced a 3.1% October sales decline in existing homes: has the housing market bottomed?

Unfortunately, for home sellers and the nation, the answer is no, so says economist Peter Dawson.

Sales fell to 4.98 million units, on an annualized basis, the NAR said. Even more troubling, the median home price plunged 11.3% to $183,300 in October, from $206,700 in October 2007.

Economists surveyed by Bloomberg News had expected existing home sales to decline to a five-million-unit annualized rate in October.

Further, it was the largest year-over-year median home price drop since the NAR started keeping records in 1968. Meanwhile, inventories rose to a 10.2-month supply in October at current sales rates, up from a 10-month supply in September, the NAR said.

Continue reading Record U.S median home price drop to $183,300 probably is not the bottom

Record U.S median home price drop to $183,300 probably is not the bottom originally appeared on BloggingStocks on Mon, 24 Nov 2008 14:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>foreclosuresinthenewsinventoriesmedian home pricesNational Association of RealtorsMon, 24 Nov 2008 14:40:00 EST<![CDATA[U.S. housing starts fall to 17-year low]]>http://www.bloggingstocks.com/2008/09/17/u-s-housing-starts-fall-to-17-year-low/http://www.bloggingstocks.com/2008/09/17/u-s-housing-starts-fall-to-17-year-low/http://www.bloggingstocks.com/2008/09/17/u-s-housing-starts-fall-to-17-year-low/#commentsFiled under: , ,

U.S. housing starts fell again in August, indicating that the worst housing slump in a generation will continue to weigh on the U.S. economy.

Starts of new homes declined 6.2% in August to a seasonally-adjusted annual rate of 895,000, the U.S. Commerce Department announced Wednesday. It was the lowest new home start rate in 17 years (pdf).

Economists surveyed by Bloomberg News had expected housing starts to total a 950,000 annualized rate in August.

Meanwhile, starts of single-family homes fell 1.9% to a 630,000 annualized rate.

Economist Glen Langan said the housing market remains "a terrible market if you're trying to sell a home, and still a risky market if you're thinking of buying a home."

"Conditions vary by region, but in general the U.S. housing market remains in a deep slump. Unless you absolutely have to or you find your 'dream house,' it makes sense to a wait a few months to see if the market stabilizes, mortgage availability factors being equal," Langan said. "In most regions of the U.S. home prices and sales are falling and that's why we're seeing a declining rate of new home starts by home builders."

Continue reading U.S. housing starts fall to 17-year low

U.S. housing starts fall to 17-year low originally appeared on BloggingStocks on Wed, 17 Sep 2008 14:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>constructiongdphome buildershousing startsinthenewsinventoriesmedian home pricesnew homesU.S. Commerce DepartmentU.S. economyWed, 17 Sep 2008 14:15:00 EST<![CDATA[U.S. Q2 GDP of 3.3% likely to be fleeting]]>http://www.bloggingstocks.com/2008/08/28/u-s-q2-gdp-of-3-3-likely-to-be-fleeting/http://www.bloggingstocks.com/2008/08/28/u-s-q2-gdp-of-3-3-likely-to-be-fleeting/http://www.bloggingstocks.com/2008/08/28/u-s-q2-gdp-of-3-3-likely-to-be-fleeting/#commentsFiled under: , , ,

A sluggish U.S. economy that grows at 3.3% in Q2? What's going on here?

The U.S. Commerce Department Thursday revised its Q2 GDP growth estimate to 3.3% from the previously-estimated 1.9%, but economist David H. Wang remains a skeptic regarding the appearance of an economic recovery.

"Don't write home or e-mail home that we have 'blue skies' ahead regarding the U.S economy because the skies remain uncertain and stormy looking. If you take away the export gains, the economy is still pretty weak," Wang said. "Also, one quarter does not a recovery make, and we'll get final data on Q2 GDP in September [September 26]."

Economists surveyed by Bloomberg News had expected the preliminary Q2 GDP statistic to total 2.7%. The U.S. economy grew at a 0.9% annualized pace in Q1 and contracted 0.2% in Q4 2007.

Q2 GDP data fleeting?

Wang said an improvement in exports and inventory accumulation strengthened GDP in Q2, but other factors suggest "it will be difficult, if not impossible to match that GDP growth rate in Q3 and Q4."

Continue reading U.S. Q2 GDP of 3.3% likely to be fleeting

U.S. Q2 GDP of 3.3% likely to be fleeting originally appeared on BloggingStocks on Thu, 28 Aug 2008 09:55:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>business investmentconsumer spendingexportsfeaturedFedgdphousinginterest ratesinventoriesmonetary policyU.S. Commerce DepartmentU.S. economyU.S. Federal ReserveThu, 28 Aug 2008 09:55:00 EST<![CDATA[The best housing stance for buyers, sellers? Staying put]]>http://www.bloggingstocks.com/2008/08/27/the-best-housing-stance-for-buyers-sellers-staying-put/http://www.bloggingstocks.com/2008/08/27/the-best-housing-stance-for-buyers-sellers-staying-put/http://www.bloggingstocks.com/2008/08/27/the-best-housing-stance-for-buyers-sellers-staying-put/#commentsFiled under: , , ,

There is an old axiom among lobbyists inside Washington, D.C.'s Beltway that goes: "Don't just do something, stand there!"

It's a policy wonk truism arguing that when uncertainty abounds, sometimes the best action is no action. And, one could argue, today's potential home buyers and sellers would be wise to heed the Beltway axiom.

A case of the Case-Shiller jitters

Economist Peter Dawson was hoping for Case-Shiller house price statistics in July that were easier on the eye. Dawson was disappointed: the Case-Shiller Index of 20 major metropolitan areas plunged 15.9% from July 2007 (pdf). Prices in the 10-city index plummeted a record 17.0% from July 2007.

"The July Case-Shiller data is about as bad as it gets. It shows a housing sector where prices remain in free-fall in just about every market, save a few, such as Charlotte, North Carolina and Dallas," Dawson said. "The housing bottom has not occurred and it's not near."

So given the above, what's the best stance regarding housing? For sellers, Dawson said if one has to sell for a job relocation, a sale invariably has to occur. But for those who have a three-year or longer sales horizon, postponing a sale may net a better price, providing the U.S economy recovers in 2009, he said.

For buyers, Dawson said "time is on the buyer's side" in most markets. "At this stage, lease or rent through at least June 2009," Dawson said. "In most major markets, prices are likely to be lower by next spring than they are today."

Continue reading The best housing stance for buyers, sellers? Staying put

The best housing stance for buyers, sellers? Staying put originally appeared on BloggingStocks on Wed, 27 Aug 2008 14:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Case ShillerCase-Shiller Indexfeaturedgdphome pricesinventoriesmedian home pricesU.S. economyWed, 27 Aug 2008 14:00:00 EST<![CDATA[The housing slump may continue well into 2010]]>http://www.bloggingstocks.com/2008/08/19/the-housing-slump-may-continue-well-into-2010/http://www.bloggingstocks.com/2008/08/19/the-housing-slump-may-continue-well-into-2010/http://www.bloggingstocks.com/2008/08/19/the-housing-slump-may-continue-well-into-2010/#commentsFiled under: , , ,

Picture this: a U.S. neighborhood where no homes are being constructed, for miles.

In the current economic climate, the above could be a snapshot in any region of the country (or, sadly, in every region of the country).

U.S. housing starts fell to a seasonally-adjusted annual rate of 965,000 in July, the U.S. Commerce Department announced Tuesday (pdf). It was the lowest level for housing starts in 17 years.

Economists surveyed by Bloomberg News had expected July U.S. housing starts to total 950,000.

Further, housing starts have declined 29.6% in the past 12 months. Economist Glen Langan told BloggingStocks Tuesday he knows why.

"It doesn't take a Harvard mathematician to deduce this one. Builders are competing for sales with the large supply of foreclosed homes, as well as with home owners in good standing with banks, who are trying to sell their homes," Langan said. "So the great U.S. homebuilder pullback continues."

The U.S. economy is growing at a minuscule rate or is already in recession. Job growth, save a few sectors, is non-existent. Bank mortgage qualifying requirements are at their most rigorous levels in a decade. Investors / readers ask, 'where are the buyers going to come from to spark a rebound in the housing sector?'

Continue reading The housing slump may continue well into 2010

The housing slump may continue well into 2010 originally appeared on BloggingStocks on Tue, 19 Aug 2008 10:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>CaliforniafeaturedFloridagdphome buildershome constructionhousinginventoriesmedian home pricesU.S. Commerce DepartmentU.S. economyTue, 19 Aug 2008 10:57:00 EST<![CDATA[U.S. existing home sales fall to 10-year low]]>http://www.bloggingstocks.com/2008/07/24/u-s-existing-home-sales-fall-to-10-year-low/http://www.bloggingstocks.com/2008/07/24/u-s-existing-home-sales-fall-to-10-year-low/http://www.bloggingstocks.com/2008/07/24/u-s-existing-home-sales-fall-to-10-year-low/#commentsFiled under: , , ,

Sales of existing homes in June fell 2.6%, to a seasonally-adjusted annualized rate of 4.99 million - - the lowest level in 10 years - - the National Association of Realtors announced Thursday.

Economists surveyed by Bloomberg News had expected June existing home sales to total a 4.94 million annualized rate. The annualized rate totaled 4.99 million units in May; a year ago, in June 2007, it was 5.75 million units.

Meanwhile, the national, median, existing home price for all housing types was $215,100 in June, down 6.1% from a year ago when the median was $229,000.

Existing home sales varied by region. Sales rose 1% in West, but fell 6.6% in the Northeast, 3.4% in Midwest, and 3.1% in the South.

'Bad time to be a home seller'

Economist Peter Dawson said the June existing home sales statistic shows that the housing market remains a buyer's market.

"No question, it's a bad time to be a home seller. Existing home prices continue to slide in most markets, and there's little in the data to suggest a turnaround, given the U.S. economy's doldrums," Dawson said. "My advise for those who are in the market to buy and don't have to buy a house right now - - wait it out, quarter by quarter. Prices in your market could drop considerably."

Continue reading U.S. existing home sales fall to 10-year low

U.S. existing home sales fall to 10-year low originally appeared on BloggingStocks on Thu, 24 Jul 2008 12:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>existing home saleshousinginthenewsinventoriesmedian pricesNational Association of RealtorsThu, 24 Jul 2008 12:58:00 EST