Existing Home Sales July PLUNGE 27.2% 3.83 million units, inventory over 12 months…
Update: the perfect Python sketch for this data- economy
Update: 10:16am EST– CR has posted the data. Brutal. Just brutal. 15 year low.
…Months of supply increased to 12.5 months in July from 8.9 months in June. A normal market has under 6 months of supply, so this is extremely high and suggests prices, as measured by the repeat sales indexes like Case-Shiller and CoreLogic, will start declining.
Ignore the median price! Double digit supply and lowest sales rate since 1996 are the key stories….
Hey that’s when we bought our house, 15 years ago. IMO that’s where prices need to be, where they were 15 years ago- coinkydink? I think not, lol.
Treasury told bloggers OFF RECORD that HAMP had worked as intended, b/c even though homeowners went through hell, my words, and then got kicked out of the pr0gram, it served to extend the time to foreclosure keeping supply off market. When bloggers suggested other uses for the HAMP funds, they were told it was all spent. Huh. funny that.
…On HAMP, officials were surprisingly candid. The program has gotten a lot of bad press in terms of its Kafka-esque qualification process and its limited success in generating mortgage modifications under which families become able and willing to pay their debt. Officials pointed out that what may have been an agonizing process for individuals was a useful palliative for the system as a whole. Even if most HAMP applicants ultimately default, the program prevented an outbreak of foreclosures exactly when the system could have handled it least.
There were murmurs among the bloggers of “extend and pretend”, but I don’t think that’s quite right. This was extend-and-don’t-even-bother-to-pretend. The program was successful in the sense that it kept the patient alive until it had begun to heal. And the patient of this metaphor was not a struggling homeowner, but the financial system, a.k.a. the banks. Policymakers openly judged HAMP to be a qualified success because it helped banks muddle through what might have been a fatal shock.
I believe these policymakers conflate, in full sincerity, incumbent financial institutions with “the system”, “the economy”, and “ordinary Americans”. Treasury officials are not cruel people. I’m sure they would have preferred if the program had worked out better for homeowners as well. But they have larger concerns, and from their perspective, HAMP has helped to address those….
So tell us oh brilliant Timmeh, with 12.5 months of supply on market now without the SHADOW inventory we all know is out there, exactly how do you propose to keep these prices up now? You did NOTHING, jack shxt, you made it worse by spending money and breaking consumer confidence in givt ability to help and in fact now people are actively walking away, All you have done is made walking away palatable to middle class people who felt an obligation FIRE and TBTF apparently dont feel, an obligation to live up to their perceived responsibilities.
You Tim, and your masters, are all morons. If you would get the hell out of the way America would right itself. You blew all that money and housing is right where it started, and it WILL take us into the double dip. You moron.
I had the under at 3.77m –
here it comes
fell 27.2% to SAAR 3.83 Million, I WIN!!!!
hey what do I win? does a FRAKKIN JOB come with my prediction, Hey how about making me CHIEF ECONOMIST , oh forgot I am overqualified, I HAVE A FRAKKIN CLUE!!