Market Mover: January Existing Home Sales Figures Released…
Diana Olick breaking the figures on CNBC, much worse than expected:
Existing Home Sales for January FELL 5.3% to 4.49 million
that is down 8.6% y/y and it is the lowest sales pace in 12 years
the median price of an existing home DOWN 14.8% y/y to 170,300
Inventories fell 2.7% to 3.6 million homes, but slower sales pace leaves inventory at 9.6 months
By Region:
NorthEast sales down 14.7%, prices down same
MidWest sales down 5.7%, prices down 6.8%
South sales down 5.7%, prices down 7.4%
West sales Unchanged, prices down 25% on foreclosure sales in CA AZ NV
Single Families vs condo: SF sales down 4.7%; condo sales down 10.2%
Distressed sales: short sales and foreclosures now make up 45% of the entire sales market
DOW dropped 40 more points on that, now down 115…
The interference of the government is leading people to WAIT TO BUY, the market is not clearing….
Update: Rick Santelli on Hannity Radio Show…Housing Plan: Tales from the Dumb Side….
Update 2: MM has a column with updates on the Baltimore ACORN B & E and the woman they say they were ‘saving’ from foreclosure, check it out!
UPDATE courtesy of Jeff779997
Rick Santelli interviewed by Sean Hannity after he’s attacked by the White House for suggesting a Chicago Tea Party to protest the Mortgage Bailout
Disclaimer: MiM is in Phoenix and has taken a huge hit in equity thanks to flippers and banks who couldn’t underwrite their way out of a wet paper bag….yes we are hurting, a HOLC would help EVERYONE EQUALLY, and we frakkin OWN Fannie and Freddie already, but we do not like the Obama Plan which is NOT HOLC, it will NOT differentiate between those who LIED and OBFUSCATED through NO DOC -NO INCOME VERIFICATION loans from those who are RESPONSIBLE, a word POTUS used last night but whose plans don’t seem to grasp that concept..
Here is a smattering of sob stories from ACORN which has gone to several states in their quest to keep people in homes they simply cannot afford, while the taxpayers pay for it..here’s an idea! RENT folks!
If a lender LIED to this woman which they would have to do, she signed a paper at closing that SHOWS YOU if you are adjustable or not ..how do you not see that?? This is from a youtube channel dedicated to helping handout taxpayer money to those who took loans they COULD NOT AND CAN NOT AFFORD, it is just ridiculous..
BSG: ‘Someone to Watch Over Me’ 4.17 Preview (Canada-Space)
courtesy pennyfeline and larsfarm77
Market Update: Bernanke Rally or Dead Cat Bounce??
DOW up 245 now to 7360..CNBC: Tony Crescenzi, Chief Bond Strategist of Miller Tabak thinks it is Bernanke’s leadership and testimony indicating he believes the banks will not fail post stress test as they will get capital they need and recover…thanks to GOP Sen Bob Corker Tenn for asking the questions!!!
Analysts torn between technical correction/dead cat bounce and the idea of Bernanke’s words of wisdom..
Trade em while you can…Cramer said sell at 10,000 and he is still down on the markets..(and so are we at MiM)
Bernanke predicted little inflation for the foreseeable future so GOLD is down (MiM is buying it on the dip :0))
Hey Bernanke, the FED hit snooze instead of putting out that ‘neighbors fire’ and now my house is burned too!
Fed Chief Ben Bernanke used an analogy to justify President Obama’s housing plan even if it does promote “moral hazard” and reward people for poor behavior. He compared it with a neighbor whose house is on fire because he was smoking in bed.
Yes, smoking in bed is wrong, but you need to put out the fire, because if you don’t the whole neighborhood may go because the fire will spread.
I take issue with that analogy and so does a viewer, Kevin in Wilmington, Mass., who sent us this e-mail:
Problem: My neighbor was smoking in bed, his house did burn down, and half of my house was destroyed with it. The Fire Department hit the snooze button on the fire alarm several times, showed up late (house was fully engulfed and ready to collapse) and, had a squirt gun to fight the fire.
Bailout Fevah!! Taxpayer Clearinghouse Prize Patrol!!!
via HA:
Courtesy of RightOrg
Taxpayers Clearing House Prize Patrol delivers large checks to Citibank and Amtrak, gets them signed by Sen. Snow, Sen. Schumer, confronts Tim Geithner with wads of cash and delivers invoices to taxpayers.
ginaswo
