Another great line from the NAR, proving the Bull$#!^ market is still going strong. From MSN
Stocks surge after housing report Investors cheer existing-home sales and interest-rate news…
When it comes to the housing market, it seems no news is good news for Wall Street.
Stocks jumped this morning after a report said existing-home sales had been essentially flat last month.
The National Association of Realtors said May’s existing-home sales were down just 0.3% to an annual rate of 5.99 million, the lowest pace since June 2003.
I love it, “essentially flat” although down 0.3%, the lowest rate is 4 years.
It’s become semantics. You use the words “were down just”, and people celebrate. Had it been “down almost half a percent” would the market have gone down?
What’s going to happen when the summer ends and sales plummet to “the lowest rate since the depression?”
-Sales of existing homes fell for a third straight month in May, dropping to the lowest level in four years
-The median price of an existing home sold last month fell to $223,700, down 2.1 percent from a year ago – the 10th straight price decline compared with a year ago, the longest stretch on record.
-Sales fell by 0.3 percent in May to a seasonally adjusted annual rate of 5.99 million units
-Sales now stand 10.3 percent below where they were a year ago.
-Sales also fell in the West, dropping 0.8 percent.
-The National Association of Home Builders reported earlier this month that builder sentiment dropped in June to the lowest reading since February 1991
-Trimming their forecasts, the Realtors now expect existing home sales will fall by 4.6 percent this year, down from a previous forecast of a 2.9 percent drop.
-They expect the median price of a home to fall by 1.3 percent this year, which would be the first annual price decline on record.
-Sales of existing homes fell for a third straight month in May, dropping to the lowest level in four years
-The median price of an existing home sold last month fell to $223,700, down 2.1 percent from a year ago – the 10th straight price decline compared with a year ago, the longest stretch on record.
-Sales fell by 0.3 percent in May to a seasonally adjusted annual rate of 5.99 million units
-Sales now stand 10.3 percent below where they were a year ago.
-Sales also fell in the West, dropping 0.8 percent.
-The National Association of Home Builders reported earlier this month that builder sentiment dropped in June to the lowest reading since February 1991
-Trimming their forecasts, the Realtors now expect existing home sales will fall by 4.6 percent this year, down from a previous forecast of a 2.9 percent drop.
-They expect the median price of a home to fall by 1.3 percent this year, which would be the first annual price decline on record.
It’s been a bloodbath for the homebuilder stocks lately. Several have set new 52 week lows today. The Jan08 puts are starting to look very nice once again.
It’s been a bloodbath for the homebuilder stocks lately. Several have set new 52 week lows today. The Jan08 puts are starting to look very nice once again.
.
