Update: Market Mover Tuesday: Consumer Confidence drops; Case Shiller Index: home prices down 17% y/y; up .04% m/m, first increase in 3 years — CNBC.com

Update: Timmeh tells China we will shrink our budget deficit!! BWAAAAHAA FRAKKIN HAAAAA!!! Suuuuuure we will…

Vodpod videos no longer available.

Geithner, Donovan (HUD) are meeting with the top 25 mortgage servicers in the WH today, let’s hope we get something meaningful from it….if they simply correct the new appraisal code we can get some movement on refis and purchases and mods..

CNBC:

S&P said its index of 10 metropolitan areas rose 0.4 percent in May after a 0.7 percent drop in April, for an 16.8 percent year-over-year drop.

“To put it in perspective, this is the first time we have seen broad increases in home prices in 34 months,” David M. Blitzer, chairman of the index committee at S&P, said in a statement. “This could be an indication that home price declines are finally stabilizing”. The 10 and 20-city indexes reported positive returns for the first time since summer of 2006.

Sales of new homes jumped 11 percent in June, the biggest monthly gain in eight years, the Commerce Department said on Monday, … Existing home sales rose for the third straight month in June, the National Association of Realtors said last week, surpassing forecasts and feeding optimism about the beleaguered housing sector.

Still, caution is warranted as long as the U.S. unemployment rate keeps rising, economists advised. That rate is at its highest in nearly 26 years and is headed to double-digit levels. Signs of stability are far more likely than prospects for near-term recovery in housing, many economists agree. For a rebound, consumer confidence needs to improve, foreclosures need to start falling from their record pace and potential buyers need to have a sense that it won’t be even cheaper to purchase if they keep waiting.

On that note, Consumer Confidence FELL again, see here- The Conference Board, an industry group, said its index of consumer attitudes slid to 46.6 in July from 49.3 in June.

More after the break:

“While many indicators are showing signs of life in the U.S. housing market, we should remember that on a year-over-year basis home prices are still down about 17 percent on average across all metro areas, so we likely do have a way to go before we see sustained home price appreciation.” Blitzer added.

S&P said the 10-city index has fallen 33.3 percent and the 20-city index has slumped 32.3 percent from their 2006 peaks.

more about “Case Shiller Index: US Home prices do…“, posted with vodpod

July 28, 2009. Tags: , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, TARP, Unemployment Statistics, Wall St.

2 Comments

  1. Update 2: OMB numbers out: U.S. now borrowing 5b a day…CBO to report mid-session Budget review tomorrow… « Moderate in the Middle replied:

    […] probably even higher now of course….China should be wiggin out when they see the data, recall Timmeh assuring China we would LOWER our deficit, AS IF! Remember the promises to cut the deficit in half that TOTUS made to Congress in February? […]

    Like

    August 25, 2009 at 7:12 am. Permalink.

  2. Sir, your bill is ready: CBO to report mid-session Budget review tomorrow… « Moderate in the Middle replied:

    […] probably even higher now of course….China should be wiggin out when they see the data, recall Timmeh assuring China we would LOWER our deficit, AS IF! Remember the promises to cut the deficit in half that TOTUS made to Congress in February? […]

    Like

    August 24, 2009 at 4:34 pm. Permalink.

%d bloggers like this: