Tag Archives: Mark Lieberman

Responding to higher mortgage rates and higher prices, the National Association of Realtors' (NAR) Pending Home Sales Index (PHSI) slipped 1.3 percent in July--the steepest decline this year--to 109.5, the group reported Wednesday. Economists had expected the index for July would drop to 109.8, which would have been a 1.0 percent decline from June's 110.9. Despite the month-over-month decline, July's PHSI is up 6.7 percent over the same month last year.

Home prices rose in June to their highest levels in almost five years, increasing 2.2 percent, according to the Case-Shiller Home Price Indices released Tuesday.

The seasonally adjusted annual rate of new home sales dropped a stunning 13.4 percent to 394,000 in July. Economists surveyed by Bloomberg expected June sales to drop to 487,000 from June's originally reported 497,000. June sales were revised to 455,000. The report for July showed a slight shift to higher-priced homes as houses priced at $500,000 or more accounted for 11 percent of July sales, up from 9 percent in June. Homes priced at $300,000 or less represented 62 percent of all July sales, down from 64 percent in June.

First-time claims for unemployment insurance for the week ending August 17 rose 13,000 to 336,000, the Labor Department reported Thursday. Economists expected the number of claims to rise to 330,000 from the 320,000 originally reported for the week ending August 10. The number of filings for that week was bumped up to 323,000.

Existing-home sales soared 6.5 percent in July to an annual sales rate of 5.39 million--the highest level since November 2009--as the price of a single-family home slipped 0.2 percent.

The choice of the new Fed chair takes on added significance given the Fed's relationship with the Consumer Financial Protection Bureau.

Led by multifamily activity, new housing permits and starts rose in July with new construction, continuing a shift from single-family homes.

The National Association of Home Builders' (NAHB) Housing Market Index (HMI)--a measure of builder confidence--increased again in August, climbing three points to 59, its highest reading since November 2005, the group reported Thursday. The index has improved 15 points (34 percent) in the last three months. Economists had expected the August index to slip to 56 from July's originally reported 57. The strong August numbers--following the strong June and July reading--gave further evidence to a recovery in the housing sector.

First-time claims for unemployment insurance for the week ending August 10 fell to the lowest level since January 2008, the Labor Department reported Thursday. The department said there were 320,000 new claims for unemployment insurance, a drop of 15,000 from the previous week. Economists expected the number of claims to drop to 330,000 from the 333,000 originally reported for the week ending August 3. The number of filings for that week was revised to 335,000.

"GSE reform," according to White House propaganda, will end "an era of housing bubble and taxpayer bailouts." Obama's about the bubbles and bailouts, but wrong to blame Fannie and Freddie.