I guess it wont surprise anyone here to find out that housing starts for may were 1.528 mm which was an 18% DECLINE from 1.849 mm last year, and that housing permits, ignoring the revised lie from last month were 1.429 mm which was a 28% DECLINE from 1.984 mm last year. Don't you just love how they report vs last month instead of last year so the numbers don't look so bad?
There will be no rate cut, CPI data yesterday says otherwise. Weakness in housing has yet to translate into overall weakness in the economy. Housing was in a huge bull run and it's only natural that now the market is coming back to its senses. Especially when all the suprime and speculative buyers are being driven out of the market .
Big deal. This has been the longest housing crash ever...3 years already? Just shows how stupid all this housing bubble BS is. Markets up, rate cut coming, etc.
Now let's thank the Fed (Greenspan mainly) and Countrywide with their 1% teaser LIBOR ARMS..... for the best damn bull market everrrrrrrrrrrrrr... No but in all seriousness.. That's a very high percentage, damn.
HOUSING IS NOW A NON-EVENT... WATCH GAS PRICES, SEE WHICH WILL EFFECT THE ECONOMY FIRST. THIS IS A BULL MARKET UNTIL ELECTIONS. IM A BEAR AND IM SLEEPING......FOR NOW. E
The Housing market is weak in the US, but is booming in other parts of the world like Bangalore, India and many other areas in Asia and Latin America. The stock market is a global market and people focus too much on US consumers who are really only about 5% of the world's population. Yes, they control a lot of wealth, but much less so on a relative basis than ten or twenty years ago. Even the Federal Reserve is becoming less relevant each year. Global cash flows from Asia can overwhelm anything the Fed does. If Chinese banks move some of their $2 trillion out of China to the US stock market we could see a melt-up.