It’s Bad, It’s Nationwide: Case Shiller Index ~ housing continues to tank

like ZZ Top said~IT’S BAD, IT’S NATIONWIDE (& QE isnt doing JACK about it)

Vodpod videos no longer available.

CNBC:

…Eleven of the markets hit their lowest point since the housing bust, in 2006 and 2007: Atlanta, Charlotte, N.C., Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland, Ore., Seattle and Tampa, Fla.

The damage from the real estate bubble now spreads well beyond the Sun Belt, where new homes cropped up at a frantic pace during the mid-2000s. In many places, prices are expected to keep falling for at least the next six months….

CaseShiller Index ~ housing continues to tank -…, posted with vodpod
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February 22, 2011. Tags: , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

*Golden* Years ~ Shiny back above $1400 – up $18 to $1402

Shiny back above $1400 as Case Shiller reminds TPTB that we are in a double dip in housing, (more on that later). Copper hitting another high, FCX moving to a high with it… I think the USD will rise, but Gold Copper, Silver will decouple, heh, from their traditional moves and will move HIGHER WITH the USD. Yeppers, sounds crazy but that’s what I think and I am playing accordingly….commodities baby FTW!

We need a new ‘Gold’ tune….

December 28, 2010. Tags: , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, Unemployment Statistics, Wall St. Comments off.

Market Movers for Tuesday: Case Shiller Housing Index, Bernanke Testimony and POTUS Budget Address to Congress….

UPDATE: On DOW today, new lows were hit for Caterpillar, Intel, Pfizer, GE, Alcoa among others…it is in EVERY SECTOR..contrary to Gibbs assertions, the markets, being a forward looking beast, are NOT merely reacting to the recession, NABE estimates the recession is nearly over. The markets are reacting to Obama Administration and Congressional policy IMO…killer for markets..

Case-Shiller Index is released at 9:00 am EST tomorrow, results forecast ANOTHER record drop in housing prices as the devaluation continues….Ben Bernanke speaks before the Senate Banking Committee at 10:00am EST and tomorrow evening the Budget Address to Congress Critters….Obama is already flip flopping on the Sunday chatter that they would let Bush tax cuts expire by throwing out a possible corporate tax deduction….small business seems to be off his radar now sadly….

New home sales numbers come out Thursday…..

wall_st_bear_smallForbes:

Standard & Poor’s releases its S&P Case/Shiller Home Price Index for December, 9 a.m. (1400 GMT). Economists in a Reuters survey expect a decrease of 2.2 percent versus a 2.2 percent fall in the previous month.

Federal Reserve Chairman Ben Bernanke testifies on monetary policy before the Senate Banking Committee, 10 a.m. (1500 GMT).

NYTimes (with requisite JFK like Obama pose pic):

The televised speech, which his advisers have been preparing for as though it were a formal State of the Union address, is typically an opening act on Capitol Hill for a new president, a moment to outline specific goals of an administration. But the appearance by Mr. Obama follows a string of legislative action, notably passage of the economic stimulus package, along with a wave of criticism over a series of government bailouts and rescue plans.

MiM here, sounds like another no THERE THERE moment coming in this speech, just some canned campaign lines and Reagan SUN IS COMING UP language perhaps (if they listened to Big Dawg):

“Sometimes these speeches can be a series of disembodied initiatives, a catalog of ideas that don’t necessarily cohere,” said David Axelrod, a senior adviser to the president. “Today, we’ve got huge challenges that are very much related, so there is a narrative to tell about how we get to a better day.”

The president is not planning to announce significant new policies, officials said, but intends to explain how his agenda can advance despite the deepening recession and monumental budget deficit. The address will be heavily weighted toward domestic priorities and the economy, aides said, and will offer only a brief look at foreign policy.

-snip-

While Mr. Obama will not lay out specific sacrifices he is asking of Americans, Mr. Emanuel said, a section of the address will be devoted to “what we’re going to have to give up” to withstand the challenges facing the nation.

MiM again, ‘what WE have to give up’ but NO specifics, yeah Carter malaise on steroids…more fear and loathing in the markets…

While the presidential address will be threaded with themes of optimism, in part to counter some criticism that Mr. Obama has been “talking down” the economy, aides said his words would reflect the harsh reality of the challenges facing the country.

AZ Republic:

A report Thursday will show new-home sales fell to 324,000 on an annual basis, according to the median estimate of economists surveyed by Bloomberg News. The same day, the department may report demand for goods meant to last several years dropped 2.5 percent, economists said.

A surge in foreclosures and plummeting demand for homes has depressed prices, sending the S&P/Case-Shiller 20-city home-price index down 18.3 percent in December from a year earlier, according to another Bloomberg survey.

-snip-

“Housing is going to be declining for a good, long time yet,” said Derek Holt, an economist at Scotia Capital Inc. in Toronto. “This is not going to be a market where builders put new supply into the market this year because of the sharp overhang.”

At the December sales pace of 331,000 new homes, it would take a record 12.9 months to whittle down the number of houses builders are holding, more than twice the five-to-six months supply the National Association of Realtors has said is consistent with a stable market. U.S. home foreclosures rose 17.8 percent in January from a year earlier, according to a report from RealtyTrac Inc.

February 23, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Economy, Finance, Healthcare, Housing, Labor Department, Obama Administration, Politics, TARP, Uncategorized, Unemployment Statistics, Wall St. 3 comments.

New Date for PEBO Stimulus: February 20th!!!!!

First a refresher on where Housing is now from Dr. Case, who helped create the Case-Shiller Index (MiM is way more bearish than Case): (Case says places down 10-12% are not in freefall, yeah well get ready for it, unemployment is rising Dr Case!!!)

MiM agrees with the poster of this youtube chachiarkola, who notes the following:

Now that the regions that Dr. Case mentions as having moderate declines to date (New York, New Jersey, Massachusetts, etc.) have neared or surpassed 6% unemployment, watch for their housing markets to come under the type of severe pressure already seen on the west coast (20-40% home price declines).

Marty Feldstein (no not THAT one silly) let the cat out of the bag in an interview with CNBC’s Steve Liesman today.

VIDEO HERE

Discussing the kind of stimulus that should come out of Washington, with Martin Feldstein, Harvard University professor, President Emeritus of the National Bureau of Economic Research, & Council of Economic Advisors former chairman under President Reagan, with CNBC’s Steve Liesman.

Thousands of economists are in San Francisco for the annual American Economic Council  summit, and the stimulus is top of the charts for talking points.

Feldstein, of Harvard, and current President Emeritus of the NBER, said per his talks with PEBO fiscal policy economic team, they are targeting late February for the stimulus, some time around President’s Day.  He indicates all the FED can do is remain in a holding pattern until PEBO brings stimulus to the table.

Feldstein says it PAINS him as a conservative to say this but the deficit spending is needed; we are facing an economic downturn worse than anything he has seen in post war period…and that consumers are cutting back on spending leading to a need for government spending as a necessity to drive demand.

So forget all that talk of a bill ready to sign on PEBOs desk on Inauguration Day.

Feldstein confirms what we at MiM have been hearing and reporting; HOUSING will be key to this package.  Forget what you have heard in the proposed stimulus package breakdowns to date, it is housing that is key to the financial and economic advisers. The housing plan will include principle write downs and an attempt to build what Feldstein calls a ‘firewall’ to stop a continued drop in housing values from pushing more Americans underwater on their LTV ratios…will it come from Son of Tarp or the stimulus? No word yet but it is coming….

Keep in mind most economic forecasts worth their salt call for an additional 15% drop in home values in 2009…Feldstein is CLEAR that the FED actions alone will NOT repair housing, it is merely keeping it in a holding pattern, he says all the fiscal stimulus will do nothing without a housing program…

Feldstein says if we are lucky, we will see a bottom at the end of 2009. This puts the kaibosh on the hoped for 2009 recovery that some rose-colored glasses wearing talking heads have called for.

And PS like MiM, Feldstein IS worrying about inflation down the road, the FED in principle knows how to control it later, the reasons to worry abut it are if the political consensus will start to shift and they will let inflation go too far, as the expansion of the economy, when it does come, is going to be very s-l-o-w AGREE AGREE! He worries over a repeat of the 70s! AGREE!

So the good news is that housing will be addressed, the bad news is it is looking as though we will not see anything in  stimulus from PEBO until late February.

If that delay is to ensure a Quinn appointed PEBO replacement and Franken legal challenge win get them to 60 to invoke cloture, that is disappointing, but Mitch McConnell has been making noises about blocking any stimulus (despite that he should know better, his wife is sec of labor fer gawdssake) and the GOP National Party is trying to find a leg to stand on and that leg may be blocking any recovery package, so perhaps PEBO does not want his first swing out of the gate to be a miss and he is waiting for that cloture invoking magic number to end debate and get a vote…well they are driving and we are all along for the ride!

(more…)

January 2, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Economy, FDIC, Foreclosures, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 1 comment.

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