Tag Archives: home sales

How’s That “progressive” Deal Working Out For You?

According to the Labor Department, jobless claims for unemployment benefits surged 34,000 to 386,000.  Figures for the prior week were revised upwards to 352,000 from the 350,000 previously reported.  This makes every time since the current administration seized power that previously reported unemployment numbers were later revised upwards.

Meanwhile, factory activity fell shy of expectations held by economic experts and contracted for a third straight month.  The new orders index is currently minus 6.9.  A reading below zero indicates contraction.  Two consecutive quarters of economic contraction means that after spending $878 billion taxpayer dollars on government “stimulus”, the U.S. economy will experience a double dip recession.  Of course “progressives” will insist the reason the “stimulus” spending failed is because the government did not spend enough.

Over 1.5 million older Americans have lost their homes, while millions more are in danger of losing theirs due to the unsolved, ongoing national housing crisis.  About 3.5 million older homeowners’ mortgages are underwater.  The “progressive” solution to problems caused by “progressive” government interference in the U.S. housing market?  Have the government refinance underwater mortgages.  Why not?  The U.S. debt is only $15,884,155,929,632.05 and climbing rapidly.  America has money to burn.

http://www.usdebtclock.org/

Home sales dropped by 5.4% in June to an adjusted annual rate of 4.37 million homes, the fewest since October 2011.  Despite 30-year fixed mortgage rates being the lowest since the 1950s, potential buyers are having difficulty qualifying for loans due to the weakening job market.  Without vigorous job growth, consumers may continue delaying the purchase of new homes.  Why is it the White House jobs panel has not met in six months?  Perhaps having such a meeting would cut into the current Oval Office occupant’s golf, fundraising and campaign appearance time.

The outlook for consumers is not good.  Driven by corn prices reaching near record highs due to drought in the Midwest, grocery bills will continue to rise.  Since corn and corn syrup are used in 75% of the products found in supermarkets, shoppers can plan on paying higher grocery bills.

How long will it be before for a “progressive” Senator, Representative or White House czar calls for the use of more corn in ethanol production?

Why be bothered with the population’s food supply when there is a planet to be saved from carbon gas.  Never mind that more “greenhouse gasses” are belched by volcanoes every year than the combined amount produced by humans since civilization began.  Besides, the people most likely to starve to death probably fit into one of the “progressive’s” genetically inferior categories anyway.

Speaking of alternative fuels, the administration’s taxpayer funded capital investments in “green energy” are going so well that the Amonix solar manufacturing plant in North Las Vegas closed after receiving $20 million in federal subsidies.  The announcement came only14 months after Senate Majority Leader Harry Reid endorsed the plant’s opening by heralding solar energy in Nevada, comparing it to Saudi Arabian oil.

On the foreign policy front, the Muslim Brotherhood is infiltrating the U.S. government while they seize power in Egypt and Libya.  Israel and Iran are rattling sabers over the Islamist government’s pursuit of nukes and the prospects of an Israeli military strike against Iranian nuclear facilities.

Russia and China joined forces to veto sanctions on Syria in a UN Security Council vote.  Afterwards, the White House called Russian President Vladimir Putin, Syrian President Bashar al-Assad’s main international supporter, about the deteriorating Syrian situation.  Not surprisingly, that call ended with the two of them divided over how to move forward.

This is what is known as: Not peace through strength.

Don’t worry.  The White House saved the day by announcing that the USDA and Mexico have decided to work cooperatively in promoting American food assistance programs, including food stamps, to Mexican Americans, nationals and migrants living in America.

How is this “progressive” hope and change deal working out for you?

http://mjfellright.wordpress.com/2012/07/19/hows-that-progressive-deal-working-out-for-you/

Home Sales Follow Seasonal Trend, But Remain Higher Than a Year Ago

DENVER, Nov. 17, 2011 /PRNewswire/ — October home sales were 9.0% above sales in October last year, according to The RE/MAX Monthly Housing Report, a survey of housing data from 53 metropolitan areas. As the market settles in for the winter, an expected monthly decline in home sales from September to October registered 9.8%.  However, October is the fourth consecutive month to show a year-over-year sales increase. With a foreclosure inventory that has been falling for several months, the resulting overall housing inventory dropped for the 16th straight month, according to the survey. Accompanying the ongoing reduction of inventory was a further correction in home prices, down 5.4% from October 2010.

“It appears that home sales are coming more closely in line with the levels we saw last year, which should hold up through the winter months,” said Margaret Kelly, CEO of RE/MAX, LLC.  “While it’s good to see sales still running higher than last year, at some point we would like to see prices rising higher than the previous year, as well.”  

Transactions – Year-Over-Year Change

Closed transactions for October followed an expected seasonal trend and dropped 9.8% from sales in September. However, when compared with October 2010, sales transactions were 9.0% higher this October.  Year-over-year transactions have now risen for five of the ten months in 2011. Of the 53 metro areas included in the survey, 38 experienced a rise in home sales from 2010, including: Albuquerque, NM+36.1%, Minneapolis, MN +34.3, Birmingham, AL +32.9%, Des Moines, IA +32.6%, Chicago, +22.3%,Providence, RI +21.0% and Raleigh-Durham, NC +20.5%.

Median Sales Price

In the 53 metropolitan areas surveyed in The RE/MAX National Housing Report, the Median Sales Price of sold homes was $ 176,770. This is just 2.0% lower than the median price for September, and 5.4% lower than the median price in October 2010.  The 5.4% decline is just below the 5.6% year-to-year average for the ten months of 2011.  Of the total 53 metro areas, 11 saw price increases from last year, including:  Detroit, MI +11.5%, Omaha, NE +10.0%, Orlando, FL +6.7%, Des Moines, IA +3.6%, and Houston, TX+2.0%.

Days on Market – Average of 54 Metro Areas

For the properties sold in the month of October, the average Days on Market was 95, just 2 days higher than the average of 93 seen in September, but 4 days higher than the average seen in October 2010. This past July and September 2010, both had an average Days on Market of 88, which represents the lowest average in the last 12 months. Days on Market is the number of days between first being listed in an MLS and when a sales contract is signed.

Months Supply of Inventory – Average of 54 Metro Areas

The total number of homes for sale, or inventory, has dropped for 16 straight months. The average inventory of homes-for-sale in the 53 metro areas surveyed dropped 7.3% from September and 21.0% fromOctober 2010.  The result is a 7.7 Month Supply of homes for October, the same as September, but down from the 9.7 supply seen in October 2010. Months Supply is the number of months it would take to clear a market’s active inventory at the current rate of sales.  A six-month supply is considered a balanced market between buyers and sellers.