Ït's ãll ábout housing local, state & national.

[texasredneck]

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[Virgil Showlion]

Congrats, recovery. You're apparently chugging right along despite the latest monthly home sales number being the lowest in recorded history.

In other news, Ireland and Portugal are days away from economic meltdown, and black smoke and neutron beams are now belching out of Fukushima reactor #3. So in relative terms, US home sales aren't doing too badly.

[lifewasgood]

New home sales plunge to record low in February, add in that existing home sales stink and the shadow inventory continues to degrade and what do you have?

A renters market!

[Virgil Showlion]

A virtual guarantee for QE3! Look at metals go!

Print, Ben, Print!

[usaone]

And whats the last thing that happens before a strong housing rebound?

Rents increase.

[texasredneck]

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[jarhead1976]

18-20% of all homes are vacant in Florida.... That's huge!

[dumdeedoe]

Why aren't the American consumers,consuming??
Rental prices down,,,new home sales non existant,,,,
Weird thing going on in housing right now....
Time to kick those loafing 20 somethings out and mak'um earn a living.....

[texasredneck]

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[vl]

"And whats the last thing that happens before a strong housing rebound?

Rents increase."

Historically, that's the first thing that happens before third-party owners lose their shirts from the walk-aways and vacancies. Go read your textbook again... 1905-- it was the lenders who filed for bankruptcy protection first. The devastated public just collectively stop paying because of a lack of jobs and cash flow.

Expect another major hit to jobs, obligations and a lack of cash aligned with warm weather. There will be abandonments out of necessity and a solid wall of opposition to more Fed bailing with a call for more bankster jailing. I don't see you surviving this USAONE... can you fry cook?

[vl]

There's a 99% chance that Bernanke will be ousted sooner than he anticipates. The world wants recover not Central Banks.

There will be no bottom with bailing.

[jarhead1976]

Veteran Lender makes a great point.... "Historically, that's the first thing that happens before third-party owners lose their shirts from the walk-aways and vacancies. Go read your textbook again... 1905-- it was the lenders who filed for bankruptcy protection first. The devastated public just collectively stop paying because of a lack of jobs and cash flow.

Expect another major hit to jobs, obligations and a lack of cash aligned with warm weather. There will be abandonment's out of necessity and a solid wall of opposition to more Fed bailing with a call for more banister jailing" ................ I know of no less than 6 people that are ready to walk away from homes ranging in price, at today's market , between $350,000 to over 1 million. Due to decreasing pay and lose of jobs.They have already been living in them without paying the mortgage. One has remained in is home for over 2 years without being evicted. Is the system that backed up or do the lenders just want them to remain of the radar.

[usaone]

Housing has bottomed. Rents are shooting up. That's the last thing that happens before a housing recovery. Much higher rent pushes people into buying homes.

[texasredneck]

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[usaone]

Lets see March's figures.

[texasredneck]

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[usaone]

Ive been saying it for 6 months.......March April May and June will tell the story.

You guys down in Texas added almost a quarter Million jobs in 2010. The most of any State in the country.

[Driftr]

Shhhh. It's a secret. Ya'll can't come.

[itstippy]

"Confidence has also been shaken in one of the most most widely watched housing industry bellwethers, the National Association of Realtors monthly data on existing home sales. Due to a variety of statistical glitches, the trade group is reviewing the way it assembles the data in response to concerns that its monthly numbers may be overstating the level of home sales by as much as 20 percent.

If the data are found to be flawed, it would mean that the housing industry is in even worse shape than indicated by the latest series of reports on sales and price trends."
www.msnbc.msn.com/id/42323042/ns/business-eye_on_the_economy/

I can't believe people would cast doubt on Yum's numbers. We're talking about the Chief Economist for the National Association of Realtors! I've followed Yum's data and analysis for years. He's widely quoted by every major news outlet as THE expert on the housing sector. He knows housing like the TV Ford guy knows cars & trucks. Reminds me of Walter Cronkite, the most trusted man in America for many years.

[kman]

From 1929 , it was not until the early 50s, did existing building tracks start to build houses again. Time will tell .

I think more should be done to attract immigrants with families to fill the existing housing.

[itstippy]

It's an evil conspiracy to discredit Yum - the most charismatic economist since Alan Greenspan!

They want to revise Yum's prior sales numbers downward so future numbers will look better by comparison. To do this they'll need the endorsement of a completely objective and widely respected professional housing economist. Like Larry YUM!

I like Yum, you like Yum, everybody likes Yum for Chief Economist for the National Association of Realtors!

[itstippy]

"The National Association of Realtors cites lenders’ conservatism and appraisal complications as among the top two impediments to a real estate recovery, according to spokesman Walt Molony. The trade group argues that home sales volumes would rise 15 percent if lending standards simply returned to pre-bubble norms."
www.msnbc.msn.com/id/42521765/ns/business-real_estate/

NAR spokesman Walt Molony?!? He's their Public Affairs Representative. Who cares what he thinks? WHAT'S LARRY YUM'S OPINION? That's what we want to know. Not drivel from some spin-doctor public affairs goof, but a bona-fide economics genius' input.

In addition to Walt Molony the article quotes Sabrina Jones-Schroeder, Taylor Connolly, Carl Tate, Jennifer DeVivo, and Eddie Nguyen. Nothing from the esteemed Dr. Yum, Chief Economist for the National Association of Realtors!

I am apalled.

[itstippy]

Today, another cheap shot at the NAR's Existing Home Sales stats and methodology by some peon wanna-be economist:

"CR Note: The NAR needs to fix these data issues. Hopefully the new methodology will be announced this summer."
www.forextv.com/forex-news-story/forex-lawler-early-read-on-existing-home-sales-and-inventory-for-march

Folks,
Larry Yum, Chief Economist for the National Association of Realtors, is the most esteemed authority on housing data ever. He doesn't use some simplistic Momo-Methodology based on recorded home sales and open listings. Dr. Yum has a highly sophisticated Fluffymatic3000 Big-Iron numbers-cruncher program that would make even Bimetal drool. I've followed Yum's data for years and it is ALWAYS the most innovative and creative in the business. Why do you suppose so many investors eagerly await his data?

These hecklers in the peanut gallery need to be shut up!