http://www.marketwatch.com/story/housing-starts-hit-record-low-in-aprilOptimism that the housing slump had hit bottom was damaged Tuesday when the government reported that construction on new housing projects slowed to a record low pace in April. New construction of single-family homes and apartments plunged 12.8% to a record-low annual rate of 458,000, much weaker that the 519,000 rate expected by economists surveyed by MarketWatch.
The drop was caused by construction of multifamily housing, which fell 46.1% to a record low 78,000. This was the biggest drop since January 1994.
Woops, the green shoot boys getting a bit ahead of themselves, but will spin some positive out of it?
http://www.marketwatch.com/story/housing-starts-hit-record-low-in-april
What a chart, of course the permabulls will spin this as a "bottoming process" a bottoming process that some have been calling for 3 years now.
It's a two-tier market over there. I wonder what the adjusted numbers are if you discount the basket case states of California, Arizona, Florida and Nevada? That is the epicentre. The rest is muddling along. Maybe a moot point but those four states are the reason for the carnage.
Looks pretty much across the board to me.
http://www.nahb.org/fileUpload_details.aspx?contentTypeID=3&contentID=45409&subContentID=154673
The most noticeably shocking stats are the ones for 5+ unit & multi-family developments. Both have literally fallen off the cliff since the March figures. Right across the country too.
Doesn't bode too well for construction contractors?
Those are the 'McMansion' residential estate developments. It is a sombering development and flies in the face of the 'green shoots' statements concerning the bottom of the US housing market.
Woops, the green shoot boys getting a bit ahead of themselves, but will spin some positive out of it?
http://www.marketwatch.com/story/housing-starts-hit-record-low-in-april
"At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained," Bernanke said in prepared testimony to Congress' Joint Economic Committee.[FONT=arial,helvetica]Wednesday, March 28, 2007[/FONT]
Ben Bernanke, Chairman of the Federal Reserve, commented that "the decline in housing activity appears to have moderated" and mortgage applications had swelled for three weeks running. Aug 12, 2009
Mmmm.... or levelling out with downward bias, in Fed speak?In the accompanying statement Fed Chairman Bernanke said data "suggests that economic activity is levelling out" a positive indication of their assessment on the US economy.
Aug 12, 2009
http://www.foxbusiness.com/story/markets/industries/retail/home-foreclosures-set-record-july/NEW YORK--U.S. home loans failed at a record pace in July despite ongoing federal and state programs to avoid foreclosures, which have severely strained housing and the economy.
Foreclosure activity jumped 7% in July from June and 32% from a year earlier as one in every 355 households with a loan got a foreclosure filing, RealtyTrac said on Thursday.
Filings -- including notices of default, auction and bank repossession -- have escalated with unemployment.
"July marks the third time in the last five months where we've seen a new record set for foreclosure activity," James J. Saccacio, RealtyTrac's chief executive, said in a statement.
"Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions."
http://www.bls.gov/news.release/empsit.t12.htmU-6 Total unemployed, plus all marginally attached
workers, plus total employed part time for
economic reasons, as a percent of the civilian
labor force plus all marginally attached workers..
Moody’s Investors Service has revised its loss projections for US subprime residential mortgage backed securities (RMBS) issued between 2005 and 2007.
On average, Moody’s is now projecting cumulative losses of 18.7% for 2005 securitizations, 38.4% for 2006 securitizations, and 48.1% for 2007 securitizations, reported as a percentage of original balance.
As a result of the revision, Moody’s has now placed 5,698 tranches of subprime RMBS with an original balance of $584 Billion and outstanding balance of $319 Billion, on review for possible downgrade.
Even though the Case-Shiller index in recent months has reported very modest home price gains, Moody’s believes the overhang of impending foreclosures will impact home prices negatively in the coming months.
Late in the day on New Year's Eve, holders of adjustable-rate mortgages across the country got a jolt when the rate used to calculate their loans jumped by two-thirds, sending their loan payments up by 9% in many cases.
http://online.wsj.com/video/more-foreclosure-trouble-ahead/58FF9A4A-74C5-4228-820B-3091506C96AC.htmlThe foreclosure crisis is far from over, according to RealtyTrac's Rick Sharga. The company will release its year-end report on Thursday showing foreclosures rose 21% over the previous year.
.......as the U.S. recovery accelerates into the new year.
Home prices dropped more than forecast in October, a sign housing will remain a weak link as the U.S. recovery accelerates into the new year.
The S&P/Case-Shiller index of property values fell 0.8 percent from October 2009, the biggest year-over-year decline since December 2009, the group said today in New York. The decrease exceeded the 0.2 percent drop projected by the median forecast of economists surveyed by Bloomberg News.
A wave of foreclosures waiting to reach the market means home prices will remain under pressure in 2011, representing a risk to household finances.
I like this part the best -
So wasn't US housing the catalist that started this whole thing off?
Just as well it (house prices) is irrelevant these days, now that there is a recovery going on?
http://www.bloomberg.com/news/2010-...-than-forecast-in-s-p-case-shiller-index.html
Such good news - market must go - UP!
Consumer confidence 'unexpectantly' falls in Dec too.
Way to go! Buy up all the distressed property, securitise the loans to other investors, raise the rents on the incumbents then flip them all at once when prices start to dive again? Sounds like a tried & true recipe for......property crash part 2?
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