New Home Sales *FREEFALL* Down 33% in May, lowest level since 1963…

And Shaun Donovan at HUD was touting the home buyer tax credit as a success and saying housing STABLIZED! AS IF!What flavor would you like with your double-dip? WSJ has it. Hang on Sloopy!

More on the ‘wonderful’ homebuyer tax credit, it was given to inmates serving LIFE sentences, good grief.

Nearly 1,300 prison inmates wrongly received more than $9 million in tax credits for homebuyers despite being locked up when they claimed they bought a home, a government investigator reported Wednesday

The investigator said 241 of the inmates were serving life sentences….


June 23, 2010. Tags: , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. Comments off.

New home sales (contracts signed) rise *sharply*…


April 23, 2010. Tags: , , , , . Economy, Finance, Foreclosures, Housing. Comments off.

Market Mover Wednesday: Weekly jobless claims, personal income/spending and durable goods…

Update: Weekly claims dropped to 466,000, continued claims 5.423 million

Oct personal income up 0.2%, personal spending up 0.7%

Durable Goods down 0.6%

Gold just hit another record $1181 an oz


Another heavy day for data with light volume expected…


…Weekly jobless claims are expected at 8:30 a.m., along with October durable goods, personal income, and consumer spending. Consumer sentiment is released at 9:55 a.m. and new home sales are released at 10 a.m. Jobless claims could be below 500,000 for the first time in months.

Stocks finished slightly lower Tuesday, after shaking off a triple digit Dow loss. The Dow was down 17 at 10,433, and the S&P 500 was down less than a point at 1106. The worst performers were the financials…

November 25, 2009. Tags: , , , , , , , . Economy, Finance, Housing, Labor Department, Unemployment Statistics, Wall St. Comments off.

Housing Update: Harry Reid says compromise reached, vote within 24 hours; Market Mover Wednesday: Push for Extension of Homebuyers Tax Credit continues in Senate as New Home Sales drop…

UPDATE: An EXCELLENT piece in the SFChronicle by Kathleen Pender here. She interviewed Isakson about the homebuyer tax credit and the expectations on how it will work under its limited form. Definitely worth a read.

October 28, 2009. Tags: , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Unemployment Statistics, Wall St. 2 comments.

Market Mover: Existing Home Sales up 9.4% as Home Buyer Tax Credit nears end:prices drop 8.5% y/y to median price of $174,900…


This will give us a nifty GDP bump for Q3-Q4. But it is cannibalizing future sales as clunkers did. Isakson and Dodd are looking to extend this credit to ALL home buyers which would extend the GDP bump but help to collapse the US dollar IMO as our deficit continues to soar…I am still calling for a double dip…


Home resales rose far more than expected last month to the highest level in more than two years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.The National Association of Realtors says sales rose 9.4 percent to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August…

Prices fell another 8.5% year over year to median of $174,900…

October 23, 2009. Tags: , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics. 1 comment.

HUD’s Housing Plan – 8k tax credit now available upfront at closing…

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May 29, 2009. Tags: , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Taxes, Uncategorized. Comments off.

Update: New Home Sales rise 0.3% in April, March revised to show a SERIOUS SLIDE in March dropping 3.00%…Market Movers Thursday: Economic Data; Treasury Auctions, Fed Buying

Update 2: New Home Sales rose a mere 0.3% in April… Pffffft!!, and March revised lower, but of course!:

The Commerce Department said sales rose 0.3 percent to a 352,000 annual pace, from a downwardly revised 351,000 in March. March sales were revised to show a 3 percent decline, which had been reported as a 0.6 percent slide. Economists polled by Reuters had forecast sales at a 360,000 rate in April…

Update: Economic Data in– Jobless claims drop but continuing claims hit yet another record, Treasury action later today:

The Labor Department reports that the number of initial claims for unemployment insurance dropped to a seasonally adjusted 623,000, from a revised figure of 636,000 in the previous week. That was below analysts’ expectations of 635,000.

..The number of people continuing to receive unemployment benefits increased to 6.78 million, the largest total on records dating back to 1967 and the 17th straight record week…

Durable goods orders rise but past numbers revised lower, anyone see a pattern emerging?

April’s 1.9 percent increase in durable goods orders was the biggest percentage advance since December 2007, when orders rose 4.1 percent, the Commerce Department said.However, March orders were revised sharply lower, falling 2.1 percent from the previously reported 0.8 percent decline…

Durable good orders, new home sales and weekly jobless claims data Thursday morning.

..Weekly claims are expected to come in at 625,000, down from last week’s 637,000…

Art Cashin on Treasury auction Thursday:

…”The one I’m most worried about” is Thursday’s Treasury auctions, Cashin said. “It’s kind of a strange one,” as the Federal Reserve is expected to buy Treasurys that will mature in three to five years.

Wednesday’s spike in yields, especially on the 10 yr, concerns over dropping refis as mortgage rates climb with the long end of the curve and the apparent failure of the FED quantitative easing to control mortgage rates, they cant control the long end, inflation is coming ….


…A selling spree in Treasurys pushed rates higher, taking the yield curve to its steepest on record as spreads between the 2-year and 10-year widened by over a dozen basis points on Wednesday alone.The 10-year saw its yield move above 3.70 percent, after trading at 3.55 percent the previous day. The selling wave hit bonds shortly after 1 p.m., even after the auction of $35 billion in 5-year notes was well received…

..Traders are bracing for more of the same Thursday. The Treasury is auctioning another $26 billion in notes, this time 7-years. The heavy issuance – more than $100 billion this week alone – has been pressuring the market…

May 27, 2009. Tags: , , , , , , , , , , , , , . Economy, Foreclosures, Housing, Labor Department, Uncategorized, Unemployment Statistics, Wall St. Comments off.

Market Update: De-nial on Wall St as stocks rally…

serious, serious denial here folks….

Construction is up you say? Yeah but in CHINA...Existing home sales? Yeah okay I got some HOT land in Hona to sell ya too….

Wells Fargo PUBLICLY ordered to raise more money by regulator ahead of Thursday Stress Test results?

TOTUS on Saturday telling Americans, profits and Wall St won’t be that important to our economy going forward?

Duke Energy and other companies writing the new cap n trade legislation conveniently saving themselves the costs and moving them onto the backs of consumers….this helps retail sales and consumption how exactly?

WH playing ‘decider’ on who walks away owning a company, breaking contracts and rewarding cronies?

And on THIS the DOW rallies now up 175 to 8388, S&P up 22 to 899 and NAS up 29 to 1748..

D-E-N-I-A-L, apparently it now runs down Wall St. ..Poor Deluded Bastards…they bought this pig in a poke in March of 08 when the predominately Democratic traders backed TOTUS over Hillary, still petting their pig in a poke, feeding it truffles and calling it George…poor deluded bastards…too bad they had to drag us all down with them eh?

May 4, 2009. Tags: , , , , , , , , , , . Economy, Finance, Politics, Unemployment Statistics, Wall St. Comments off.

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