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Endless Winter for New Home Sales
by: James Hamilton
June 29, 2008
As noted by Calculated Risk, global warming or no, the spring selling season for new homes never seemed to arrive this year.
There is a strong seasonal component to new home sales. In a typical year, the number of homes sold each month in March through May would be 40% higher than in December. Nine years out of 10, the rate would be at least 20% higher. This year? Only 9%.
And December 2007 was itself down 38% from December 2006 and down 50% from December 2005.
Why no spring? This graph from Peter Hooper may have something to do with it.
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This article has 8 comments:
- johnthebear
- 257 Comments
Jun 29 08:03 AMMORTGAGE INTEREST RATES ARE ON THE RISE... HEADING TOWARD 10%, LIKE THE 1970-90 PERIOD.
REALLY TOUGH TIME FOR THE REITS'S. THEY WILL NOT BE ABLE TO PAY DIVIDENDS LIKE THE PAST WHEN THEY TRY TO SELL THEIR PROPERTIES, WHILE NOI IS DROPPING. THE DOW JONES REAL ESTATE INDEX (IYR) IS HEADED DOWN.
- TN hick
- 20 Comments
Jun 29 11:35 AM- Danny L. Newton
- 41 Comments
My Website
Jun 29 03:52 PM- ArtfulDodger
- 94 Comments
Jun 29 04:43 PMFor as long as so many people want to keep leftists in power so that they can create more government to combat the problems and disasters that their government programs and legislation caused in the first place, we are eventually doomed economically.
And government bureaucrats do this over and over, but always wiggle out of what they've done by blaming private industry (Big Oil, Big Pharma, and the like, and of course a bogeyman such as Bush or Cheney or Rove), and the people for what they have brought about.
With the help of the Marxist media, the people then yell for the government to do even more, thus causing problems that will have to be faced in the future—and that means more government rules, regulation, and legislation that brainwashed parrots scream for.
And clearly, it doesn't help sending our forces around the world to carry out other nation's wars for them. You can't blame Bush for all of this either. The Dumborats in Congress voted to go get the Toy Tiger in Iraq (except for the members of the Black Caucus, which only votes for bills to punish American businesses and individuals); and Bush didn't put troops and bases in over 140 nations around the world. They were there when he took office.
Meanwhile, America has an invasion from the south, crashing stock markets and the dollar, along with hyper-inflation, declining property values, exploding crime (see Sean Hannity's America from Sunday, June 22, `08), and energy and food prices nearly equalling Germany's in the 1920s.
Enjoy the ride, especially those of you who're calling for even more leftists to take over so they can create more government to punish businesses and anyone else who is succeeding in the private sector.
Parasites engender more parasites of different types, because when one begins its feeding, it weakens the host, which invites even more suckers to the party. The host soon withers to nothing. Consider the American people the host.
- Dabbio
- 9 Comments
Jun 30 12:43 AMWhat really did us in was 63 years of peace. Easy living softens you up, and it softens up civilization, any civilization. How come you don't comment on such obvious things as the laziness of the average American worker? Why you think the Japanese ate our lunch in the automobile market? We just are not sharp any more. Sorry.
- cariqunyil
- 5 Comments
Jun 30 05:46 AMCriminy, I can think of at least one very obvious reason this country is headed down the tubes, and it is mostly due to the individuals who make crazy insinuations and seem to blame everyone but themselves for voting in what amounts to the most incompetent administration in history...twice.
- tcornelison
- 68 Comments
Jun 30 08:11 AMEvery phase of the market, every downturn of the economy, every boom and every bust creates opportunities if you open your eyes and look for them instead of crying and sticking your head in the sand as the bear and the dodger appear ready to do.
- user123456789
- 3 Comments
Jun 30 02:28 PMMore by James Hamilton