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08-23-2013, 11:13 PM #1
NEW HOME SALES COLLAPSE 13.4% IN JULY
NEW HOME SALES COLLAPSE 13.4% IN JULY
by JOHN NOLTE
23 Aug 2013, 7:33
Wednesday, Breitbart News reported that over the last 30 days, Gallup measured a sharp spike in unemployment, from 7.7% to 8.9%. Friday, the Commerce Department released another startling and unexpected statistic: New home sales collapsed in July by a full 13.4%. According to the AP, this is a 9-month low.
A rise in interest rates has also resulted in a decrease in mortgage applications.
This isn't the only bad news coming out of July. Only 162,000 jobs were created during the entire month–most of them part-time.
Thursday, jobless claims rose by 13,000 over the previous week to 336,000.
There was good news in July. Existing home sales rose to their highest level since 2009. Unfortunately, no one is put to work building, landscaping, selling, and manufacturing materials for a home that already exists.
http://www.breitbart.com/Big-Governm...ercent-in-july
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08-24-2013, 03:50 PM #2
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Plunging Home Sales Send Stocks Higher, But Dow Drops For Third Week
Submitted by Tyler Durden on 08/23/2013 16:13 -0400
Despite the best efforts of the efficient and idiotic things we call the US equity markets - which exhibited the kind of epic VIX smashfest into the close - the Dow was unable to be rescued from its 3rd red week in a row (the first in 9 months). The S&P closed above its 50DMA (at the highs of the week) with a late-day scramble (but Nasdaq ends the week +1.7%). So a very mixed bag for stocks and the USD (thanks to today's post-home-sales dumpfest) ends the week unchanged. The real story of the day (and week) though is precious metals and bonds. The 30Y bond's best week in a month and best day in 5 months wa snotable but perhaps more so, while the entire complex ripped lower in yield as the un-taper un-housing-recovery data hit, the flattening of the 5s30s spread is extreme. Gold and Silver spiked on the home-sales data ending the week up notably. The VIX-compression into the close ended at 14.00% for the biggest 2-day drop in 2 months.
Of course - as we tweeted - there are only a few things that really matter...
zerohedge @zerohedge
Only levels that matter AAPL over $500, DJIA over 15,000, gold under 1400
3:31 PM - 23 Aug 2013
S&P 500 futures closed above its 50DMA today but on the worst volume in weeks having gone into limp-higher-mode-on-no-volume once Europe closed.
MSFT's surge accounted for over half the Dow's gains today (18 of 34 points) but it was not enough to save the blue-chip index from its first 3 weeks down in a row for nine months...
Builders were battered on the back of the home sales data but still managed to close the week green...!?
Treasuries rallied aggressively today following the shitty home sales data. Today saw the 30Y bond rally ~8bps (-13bps from yesterday's high) for its best day in almost five months... This was also the 30Y bond's best week in a month (-5.5bps)...
The big story - away from bonds - was the precious metals. Gold and Silver saw huge surges (+1.6% and +3.8% on the day) as the former broke $1,400 for the first time in 10 weeks. WTI also surged on the home-sales-are-bad-so-we-will-see-moar-reflation trade jumping back up to $106.50 (and compressing the spread to Brent back to $4.50) - Silver ends the week +3% and Gold +1.5% (despite an unchanged USD)
The USD was slammed lower as the data hit and did not really bounce much. The JPY move is probably the most notable given its critical aspect in the global carry trade... The USD ends the week UNCH
Interestingly, stocks were not so quick to react to the terrible home-sales data as the rest of the QE-sensitive assets...notice stocks sold off first then rallied with everything else... and then once Europe had closed... stocks were in their own little world of joy... especially in the last 30 minutes...
and the late-date WTF moment in VIX that we have become so anesthetized to...
Something - yet again - we saw coming...
zerohedge @zerohedge
Almost time to pound the VIX
3:28 PM - 23 Aug 2013
Charts: Bloomberg
http://www.zerohedge.com/news/2013-0...ops-third-week
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08-24-2013, 03:55 PM #3
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New Home Sales Crater To Lowest Since October; Biggest Drop Since May 2010; Median Home Price At 6 Month Low
Submitted by Tyler Durden on 08/23/2013 10:18 -0400
And so the housing "recovery" comes to a screeching halt, which is not surprising as there never was a recovery to begin with. Moments ago cheerleaders of the second housing bubble were shocked to learn that in July a tiny 35K new houses were sold (with just 3K sold in the Northeast, and just 19K in the otherwise strong South), of which 13K houses were not even started. This translated into a puny 394K seasonally adjusted annualized sales, missing expectations of 487K by nearly a massive 100K, and in addition the June print was revised much lower from 497K to 455K (which back in July beat expectations of 484K and was trumpeted as the highest print since 2008 - so much for that). Yet one thing that did not change is that the median home sale price decline continued, and in July dropped to $257.2K down from $258.5. And now time to spin this ugly news as great because it means that maybe the Fed will delay the September taper (it won't).
The Median home price:
And the always amusing NAHB comparison. We won't even look at the idiotic NAR data.
Finally, to all the clueless chatterboxes who say soaring mortgage rates don't matter, newsflash: they do.
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Laura Loomer - Woke up this morning to a @nytimes article...
03-27-2024, 11:36 PM in General Discussion