S2000, I found this on Barron's Existing home sales will offer the latest on the housing sector and whether the worst is really over. Weather effects will limit market reaction to the data, but supply in the market, and whether it's coming down, will be closely watched. What's your opinion on that?Is "the worst" is really over?
mixed report today.....inventory up, prices/sales up a bit mtm but down yoy next two months reports will be crucial as those will show if there is any real credit tightening
Once again, the market doesn't give a shit if news is good or bad, they just take it as good and move higher...CNBC helps. Yahoo's PR on the numbers doesn't even indicate a 5.9% INCREASE in inventory. These numbers are also indicative of the market before lending standards were tightened due to the subprime explosion. The spin on these numbers is crazy. Find a PR detailing the YoY numbers...no one seems to find these important for some reason. It's not pretty.
also i noticed they are fudging the sale price numbers as they adjusted downward the price from FEB 06 to decrease the YOY change
Interesting way to look at it that you won't see CNBC or perma-BULLshitters showing: http://bp0.blogger.com/_pMscxxELHEg...1tN9PlY/s1600-h/existing+home+sales+10207.jpg YoY is where is counts and once the "tightened" lending standards kick in it will be a huge wake up call that the lending industry itself created a bubble by selling to otherwise unlikely candidates because they were the last ones left wanting anything.
Look at the inventory levels. The number of homes for sale is way up. Just wait until April. Increased inventories, especially dramatically increasing ones, can only do one thing to pricing, which is already being pressured downwards.
I love how they spin this shit as bullish. They are so desperate to keep the dream alive. If the fed needs to cut at 5.25% then things are much worse than everyone thinks and it aint time to be long equities.
sorry,guys,it's a kind of black humor but if there are news of terrorist's attack on Wall Street I'm buying. 100% room to go up! *********** Lets see - Iran captured UK sailors, oil is flying, all indications point to recession, and we are UP. All we need now is a terrorist attack and we will rally 100+ March 23, 2007 11:14 AM *************