Did you miss STORY TIME! ? Some readers’ comments:
- Today’s post “Story Time” was excellent. I’m not sure how you find time to gather and process all this information, but you organize and present your thoughts in a unique and thoughtful manner. Thank you for all you do. (Robert K.)
- Denis: I know of no source (and I’ve been reading a lot lately) that has put the Trump ‘revolution’ on top of the last twenty years of ever growing debt mismanagement and various leverages tucked away in so many places as you have done this week. (John D.)
U.S. Existing-Home Sales Highest Since February 2007 Homebuying activity rose in October for the second straight month to a new cyclical high despite rising prices and shrinking inventory, a sign housing demand remains buoyant as the year comes to a close.
October’s sales of previously owned homes rose 2.0% over the month to a seasonally adjusted annual rate of 5.60 million, the National Association of Realtors said Tuesday, the strongest pace since February 2007. Sales of previously owned homes in October were up 5.9% from a year earlier. (…)
After hitting an annual rate of 5.57 million in June, sales softened over most of the third quarter before picking up over the past two months. September’s sales pace was revised up slightly to 5.49 million. (…)
The median price of an existing home sold in October was $232,200 up 6.0% on the year. Still, people seemed eager to pony up. First-time home buyers accounted for 33% of October sales, according to NAR, down from 34% in September, a figure that matched the highest level since July 2012. (…)
The total inventory of homes on the market declined 4.3% YoY to 2.020 million.
Are we near a cyclical peak? Recall that the 2004-07 extravaganza was just that. Doug Short’s chart shows that sales of existing homes are where they were before the 2001 recession.
On the other hand, Doug digs a bit further to provide hope of a longer lasting cycle:
The Census Bureau’s mid-month population estimates show a 16.9% increase in the US population since the turn of the century. The snapshot below is an overlay of the NAR’s annualized estimates with a population-adjusted version.
But here’s the rub from The Daily Shot:
(…) mortgage applications have been declining according to Mortgage Bankers Association (MBA). Something looks off here.
And this from CalculatedRisk, a downturn likely to be exacerbated by rising mortgage rates:
Dallas on Verge of Bankruptcy Due to Pensions; Just a Matter of Time (For Dallas, Houston, LA, Oakland, Chicago, etc)
Meanwhile, risk on!
here is the S&P High Beta Index vs. the S&P Low Vol Index. It’s “risk-on” time.
Is it racist?
Trump Tempers Views but Defies Standards In an interview with The Times, President-elect Trump offered the Clintons an olive branch and disavowed the alt-right, but said he had no legal obligation to step away from his business empire.
(…) The interview demonstrated the volatility in Mr. Trump’s positions. (…)
But nothing meaningful financially.