Housing Round Up

Given our prior post, here is quick round up of what’s happening in the universe of Housing:

New-Home Sales Sank in January To Slowest Pace Since 1995 (WSJ)
New-home sales fall despite record price cuts  (MarketWatch)
Roubini: FHLB Lending “Reckless” (Real Time Economics)
January foreclosures up 57%
New Home Sales (Barron’s)
Cuomo Near Deal On Home Appraisals (Washington Post)
Fannie Mae, Freddie Mac Portfolio Caps Will Be Lifted
Ofheo Lifts Freddie, Fannie Limits; Fannie Posts Deep Quarterly Loss (WSJ)
Mortgage applications slide again (AP)
•  Home price plunge accelerates (CNN/Money.com)
Toll Brothers Swings to Loss
The ‘R’ Word (And Some Other Stuff) Hurting Home Sales (Real Time Economics)   
Nobody ‘talked’ housing into its recession
Foreclosure bill faces Senate test (CNN/Money.com)
Lehman begins coverage of home-builder stocks (MarketWatch)
MBIA Gets Top Rating — Should I Laugh or Cry?  (Thestreet.com)

Manic markets, US home
prices, consumer confidence, Michael Milken, the dollar

Jim Walker
Asianomics, Wednesday, 27 February 2008

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What's been said:

Discussions found on the web:
  1. Pat G. commented on Feb 27

    That’s one hell of a laundry list. So, why is the market rallying? All the governments men and the institutions in which they have sway will come to the rescue of the corporations at the sacrifice of the majority of us. Hmmm….

  2. dblwyo commented on Feb 27

    Nuttin but good news, eh ? Two extension comments. This has got a long way to go based on history which is plainly visible with the right charts; for one thing housing prices are among the stickiest and won’t adjust for months/years after a sales bottom. And that’s if the this boom doesn’t have to reverse itself. The right charts are largely visible on CalculatedRish btw but I concatenated a bunch and wrapped them with some words on this post. More K-R Moments: Housing Realities
    But number 2 and much scarier IMHO most of the finance and investment communities seems to feel all the bad news is priced in instead of being at best maybe 1/4-1/3 of the weigh thru this mess. Serious guys are talking about a pricing bottom this summer which would be a bigger surprise than the original bust. Watch out below….falling rockheads.

  3. john commented on Feb 27

    Yesterday was unbelievable. A truck load of shock horror and then IBM announces a big stock buy back and a bond insurer who is in deep deep doo doo keeps it’s triple A and bingo up 118 points. Then another truck load today, Fannie’s and Freddie’s caps get raised and the helicopter man say go screw inflation while the dollar slips again and we tread water. It’s now totally clear the Fed aint letting anyone go down whatever it costs down the road. Forget moral hazard it’s got a bottom around 12000 which is the platform. Just go long on a bunch of inflation proofers and watch middle America get the shaft over the next three or four year while the WSJ ed page, Larry and BS say the problem all started in January 2009.

  4. txchick57 commented on Feb 27

    Barry, where can I find that article you wrote a few years ago where you were raising money for your fund and the people you talked to were expecting 30% a year? I want to show that to a friend who’s just taken a job running the pension fund for a big city.

  5. Portland Refugee commented on Feb 27


    I don’t know if Mid. American is gonna make it to 2009…..
    With a potential 4.00 per gallon, ever increasing food & health prices, reduced credit, and a savingsless demo…..I estimate two to three months of this before the crap truly hits the fan.

  6. Portland Refugee commented on Feb 27

    let me revise….

    it’s do or die time for many…..if prices don’t improve not in a year, not in a few months but now!, i give 10-1 odds they starting walking from their homes in mass…..

  7. kk commented on Feb 27

    Homebuilder stocks up 47% over the past 30 days.

  8. Ross commented on Feb 27

    Look on the left and toggle up. CR is here. Actually that’s how I found them. I don’t post much there as it seems they have a lot of left coasters. Nothing wrong with that and Tanta is a gem.

  9. John Borchers commented on Feb 27

    Seen the price of Hershey goods lately?

    From $0.60 to $0.90 in retail stores for a regular sized candy item.

  10. UrbanDigs commented on Feb 27

    nades – there is!

  11. Max Thrax commented on Feb 27

    Here’s what LA Times owner Sam Zell just said:

    “Obviously what we have going on is an attempt to create a self-fulfilling prophecy,” Zell declared. “We have two Democratic candidates who are vying with each other to describe the economic situation worse.

    “The reality is that if you live on Wall Street and you’re in the credit markets the world couldn’t be worse. If you’re a farmer and you’re getting $25 for your wheat, you’re having a great time. If you’re a CEO and you’ve got a balance sheet that’s bullet-proof, you’re in a great position. This whole thing is way out of control, way out of hand.”

    See, its all good people, just vote Republican! Just to be clear, I’m not saying that the American MSM has been taken over by right wingers who are using their influence to push a radical agenda. Not at all…and even if it were true, Republicans are all that’s standing between you and the liberals that are planning your forced gay marriage to an American Iraq insurgent.

  12. VJ commented on Feb 28

    Zell is merely resorting to a version of the long-standing RightWing tactic known as “Stab In The Back”.

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