EXISTING HOME SALES FALL IN JUNE VERSUS LAST JUNE – MSM TOUTS RISE

5 comments

Posted on 22nd July 2014 by Administrator in Economy |Politics |Social Issues

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Look at that amazing housing recovery. The usual housing propaganda being spewed this morning by the NAR and the MSM. Existing homes sales are all the way back to October levels, even though this is prime home sales season. The MSM buries the FACT that existing home sales are 2.3% LOWER than last June. The monthly change is meaningless. Home sales always are higher in the summer because families move while kids are out of school.

Let’s get real. Existing home sales are currently at 1999 levels when the working age population in this country numbered 208 million. Today the working age population numbers 248 million. We’ve got 40 million, or 19% more adults int he country, and existing home sales are exactly the same. They are still 30% below 2005 levels and destined to languish and decline over the coming years. Inventory rose 6.5% over last year. So sales are falling and inventory is rising. I wonder what that will do to prices?

 

You get nothing but feel good optimistic drivel from the faux journalists in the MSM. Their job is to keep you in the dark. Some facts from the NAR report:

  • First time home buyers still near record lows of 28%. In a healthy non-manipulated housing market this number is 40%.
  • Investors purchased 32% of all the houses sold. This number is closer to 15% in a normal market.
  • Mortgage applications remain at fourteen year lows.
  • Wall Street banks continue to withhold foreclosures and not foreclose on homes that should be foreclosed upon to prop up prices.

The entire housing recovery storyline has been a scam and a fraud. Now sales are falling and prices will follow. Look out below.

Existing-home sales rise 2.6% in June

WASHINGTON (MarketWatch) — Rising for a third month, sales of existing homes grew 2.6% in June to a seasonally adjusted annual rate of 5.04 million, reaching the highest level since October, the National Association of Realtors reported Tuesday. Economists polled by MarketWatch had expected the sales rate to increase to 5 million in June from an originally reported 4.89 million in May, driven by a strengthening labor market, more homes on the market, and cooling price growth. On Tuesday NAR revised May’s sales rate to 4.91 million. Market conditions are becoming more balanced, but anecdotes still point to a shortage of homes on the market, said Lawrence Yun, NAR’s chief economist. The median sales price of used homes hit $223,300 in June, up 4.3% from the year-earlier period. June’s inventory was 2.3 million existing homes for sale, a 5.5-month supply at the current sales pace. The number of homes available for sale was up 6.5% from the year-earlier period. Including June’s increase, the pace of sales was down 2.3% from a year earlier.

5 Comments
  1. BUCKHED says:

    The good thing is that tent sales have gone through roof….due to all of the illegals .

    I have a friend who has been living in his house for 3 YEARS and hasn’t paid one dime . I know of seven houses in my area that are vacant…..foreclosed but not on the market . Hell, 1/2 of the houses in my neighborhood are occupied by renters !

    22nd July 2014 at 12:24 pm

  2. AWD says:

    Wages keep dropping, CPI was a 2.1% increase, Yellen inflation is taking off big time, beef prices hit a new high today, gas, healthcare, increased taxes, all draining what little income people are getting. It’s only going to get worse. Property taxes are out of control everywhere, to pay for government drone pensions. Nobody can afford to buy house, as the data shows.

    Rising Wages Where? Real Wages Post First Annual Decline Since 2012
    Submitted by Tyler Durden on 07/22/2014

    For all the talk about “noisy inflation” this and “rising prices are good for the economy” that, what the Fed’s cheerleading squad continues to ignore is the one most important inflation the US economy needs in order to actually have a sustainable recovery instead of centrally-planned stagflation: wage inflation. And while bullish pundits keep reffering to some mythical CEO survey promising wage will increase any day now, just not today, the BLS released its most recent real wage (adjusted for inflation) report today showing that not only did the average real hourly wage remain flat for the second month in a row at $10.29, the lowest level since September 2013, but posted the first annual decline since October 2012.

    22nd July 2014 at 12:34 pm

  3. Eddie says:

    My eldest is living at home, saving to get into a house. Here, prices are so inflated that the ten grand she saved in a year isn’t really enough for a down payment., even for a shitty condo. And by this time next year twenty grand might not get her any more than ten grand will this year.

    The flippers have flipped everything here once, and now they’re going for seconds. I hope it does crash, but I’m afraid a general downturn will only drive more out-of-staters here.

    22nd July 2014 at 12:40 pm

  4. overthecliff says:

    watch the Quinn retail soace index in your neighborhood. You generate the numbers and you aren`t getting anyones agenda promoting bull crap.

    22nd July 2014 at 12:49 pm

  5. Administrator says:

    Northeast Extension was closed this morning due to a terrible accident. Took local roads to the Blue Route. Along the way we passed dozens of office buildings (some brand new) with vacancy signs out front. Some have been vacant for the last four years. How these developers don’t go bankrupt is beyond my comprehension.

    22nd July 2014 at 1:01 pm

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