On a monthly basis both the 10 and 20 city Case Shiller HPI came in higher in July at +1.65% and 1.60%, respectively. However, on a yearly basis the 10 city index is still down 12.8%, while the 20 city index is down 13.30%. On a monthly basis only three cities experienced declines (Detroit, Las […]
Archive:
Housing Sector
Existing home sales for August fell by 2.7% to a 5.10mn annualized selling rate, compared to a Bloomberg consensus forecast of 5.35mn and a rate of 5.24mn in July.This is the first time in four months the index has experienced a decline. Single-family sales declined 2.8% in August to a rate of 4.48mn versus 4.61 […]
August housing starts rose 1.5% to 0.598mn, compared to a consensus estimate of 0.600mn. Looking further into the details, single-family starts are down -3.0%, while multi-unit homes grew by +25.5%.In August permits rose by 2.7%, to 579K. July’s permits were revised to 564K from 560K. Going forward there could be some downside risks to this […]
The ISM rose for the 8th consecutive month finishing August at 52.9, this was the index’s first reading above the break even point of 50 since January 2008. Improvements in manufacturing will likely have positive implications for 3Q09 Real GDP growth. The new orders index increased to 64.9 from 55.3 a month prior. This index […]
New home sales rose 9.6% to a rate of 433K in July, compared to a consensus forecast of 390K, and a previous reading of 384K units. The rate of sales increased in July to its highest level since September 2008. The inventory of new homes fell to 7.5 months from 8.5 a month prior. The […]
The Conference Board’s Consumer Confidence Index rose to 54.1 in August, versus a Bloomberg consensus forecast of 48.0, and a previous reading of 47.4. This is the highest level since December 2007. The August Present Situation Index rose to 24.9 versus 23.3, while the August Expectations Index rose to 73.5 from 63.4. Weakness in the […]
The Case-Shiller 10 Metro-Area Composite Index rose 1.4% in June. A month prior the 10 and 20 Metro-Area Indices rose by +0.4% and +0.5%, respectively. These were the indices first increments since June 2006. This morning’s rise is consistent with other housing related data that seems to imply a bottom and modest recovery for the […]
July’s existing home sales rose to a rate of 5.24mn, compared to the previous months rate of 4.89mn homes, and a consensus forecast of 5.00mn. This is the biggest monthly gain since 1999. The inventory of new homes remained unchanged at 9.4 months. The median price for existing home was down 2.0% during the month, […]
According to the Mortgage Bankers Association this morning, US mortgage delinquencies rose to a record rate of 9.24% of all loans outstanding. At the same time, the rate of foreclosures fell slightly to 1.36% from 1.37%. What is interesting is that the rate of foreclosures actually fell for sub-prime ARMs, but rose for more traditional […]
Housing starts fell to 0.581 in July compared to 0.587mn. This number was slightly below the market consensus. The 1% drop in starts comes after a 10% increase in July. Single family starts actually rose 1.7%, but this was more than offset by a 13% decline in multi-family starts. Starts fell 16% in the Northeast, […]