July Existing home sales + 6.5% cash deals remained high
Aug 21, 2013 8:06:44 GMT -6
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Post by jeffolie on Aug 21, 2013 8:06:44 GMT -6
July Existing home sales + 6.5% cash deals remained high
my jeffolie view:
The " ... all cash deals remained high in July, while there were relatively few first-time buyers and distressed sales ... " tells me that middle class buyers have significantly disappeared ... leaving only the cash thriving investment houses with FED access to cheap money such as Blackrock, etc to pick and choose over the inventory.
Inventory remains a subject matter.
The meme features low inventory blaming monopoly banks for not bringing into the 'for sale' market houses where mortgages are not be paid ... banks simply refuse to start or finish the foreclosure process thus avoiding bad balance sheets ... corrupt bank regulators turn a blind eye to the rules on non performing mortgages allowing and enabling this 'low inventory' shortage to result in low supply ... low supply classically means higher prices.
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Aug. 21, 2013
Existing home sales rise 6.5% in July
(MarketWatch) -- July's existing-home sales rose 6.5% to a seasonally adjusted annual rate of 5.39 million, the highest level since late 2009, when buyers rushed to make a tax-credit deadline, the National Association of Realtors reported Wednesday. Economists polled by MarketWatch had expected a July sales rate of 5.21 million, compared with an originally estimated rate of 5.08 million in June. On Wednesday, NAR revised June's rate to 5.06 million. NAR said July's spike is due to buyers looking to purchase a home before mortgage rates rise further. Mortgage rates have increased more than one percentage point since early May, though they remain relatively low. Also Wednesday, NAR said the median price of a home was $213,500 in July, up 13.7% from the year-earlier level. Inventories rose 5.6% to 2.28 million homes available for sale, representing a 5.1-month supply at current sales rates. NAR added that all cash deals remained high in July, while there were relatively few first-time buyers and distressed sales
www.marketwatch.com/story/existing-home-sales-rise-65-in-july-2013-08-21
my jeffolie view:
The " ... all cash deals remained high in July, while there were relatively few first-time buyers and distressed sales ... " tells me that middle class buyers have significantly disappeared ... leaving only the cash thriving investment houses with FED access to cheap money such as Blackrock, etc to pick and choose over the inventory.
Inventory remains a subject matter.
The meme features low inventory blaming monopoly banks for not bringing into the 'for sale' market houses where mortgages are not be paid ... banks simply refuse to start or finish the foreclosure process thus avoiding bad balance sheets ... corrupt bank regulators turn a blind eye to the rules on non performing mortgages allowing and enabling this 'low inventory' shortage to result in low supply ... low supply classically means higher prices.
======================================
Aug. 21, 2013
Existing home sales rise 6.5% in July
(MarketWatch) -- July's existing-home sales rose 6.5% to a seasonally adjusted annual rate of 5.39 million, the highest level since late 2009, when buyers rushed to make a tax-credit deadline, the National Association of Realtors reported Wednesday. Economists polled by MarketWatch had expected a July sales rate of 5.21 million, compared with an originally estimated rate of 5.08 million in June. On Wednesday, NAR revised June's rate to 5.06 million. NAR said July's spike is due to buyers looking to purchase a home before mortgage rates rise further. Mortgage rates have increased more than one percentage point since early May, though they remain relatively low. Also Wednesday, NAR said the median price of a home was $213,500 in July, up 13.7% from the year-earlier level. Inventories rose 5.6% to 2.28 million homes available for sale, representing a 5.1-month supply at current sales rates. NAR added that all cash deals remained high in July, while there were relatively few first-time buyers and distressed sales
www.marketwatch.com/story/existing-home-sales-rise-65-in-july-2013-08-21