Housing Still Hot

Just out from Case-Shiller/S&P:

NEW YORK, JUNE 27, 2017 – S&P Dow Jones Indices today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for April 2017 shows that home prices continued their rise across the country over the last 12 months. More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.

YEAR-OVER-YEAR The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.5% annual gain in April, down from 5.6% last month. The 10-City Composite annual increase came in at 4.9%, down from 5.2% the previous month. The 20-City Composite posted a 5.7% year-over-year gain, down from 5.9% in March.

Seattle, Portland, and Dallas reported the highest year-over-year gains among the 20 cities. In April, Seattle led the way with a 12.9% year-over-year price increase, followed by Portland with 9.3%, and Dallas with an 8.4% increase. Seven cities reported greater price increases in the year ending April 2017 versus the year ending March 2017. (Continues Below…)

 

ANALYSIS
“As home prices continue rising faster than inflation, two questions are being asked: why? And, could this be a bubble?” says David M. Blitzer Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Since demand is exceeding supply and financing is available, there is nothing right now to keep prices from going up. The increase in real, or inflation-adjusted, home prices in the last three years shows that demand is rising. At the same time, the supply of homes for sale has barely kept pace with demand and the inventory of new or existing homes for sale shrunk down to only a four- month supply. Adding to price pressures, mortgage rates remain close to 4% and affordability is not a significant issue.

We note this chart:

From an Elliott perspective the 20 City has not made a new high yet.  And remember this is a sales price, not sales net so it’s ex commissions and it’s not discounted for 8 or 9-years of inflation, either…

Still, as honest a view of housing as we’ve seen.

Dow and S&P flat, NASDAQ is still in sky falling mode.

And Bitcoins are down into the $2,370 range as we come to what should be the end of the Great Hesitation before a blow off to the $3,150 range, but this is back of the envelope, not bankable.

That’s OK…this is Tuesday and thus lawn tractor day around here, so having

New Consumer Confidence numbers will be out in an hour and a half, and from there, we can look forward to international trade data tomorrow, and then GDP on  Thursday.

Alphabet, parent of Google will be interesting to watch as EU hits Google with record 2.42 billion euro antitrust fine.

Meanwhile, the Bank of England takes action over bad loans.

And all the hoopla about how increasing minimum wages are good for the country are running into a reality check on the left coast as Seattle’s minimum wage hike hurting low-level workers, study says.

Who said economics isn’t interesting?

Diogenes of the Headlines

Looking for an honest headline, that’s us, alright.

Surprisingly, after the resignation of three “journos” over an anti-Trump story that lacked credible sourcing, we were pleasantly shocked to see CNN run with The Supreme Court finally handed Trump a travel ban victory.

Still, notice the word finally?  Huh?  It was a given to anyone who can read law.

NJ.com gets it right with “Trump scores victory on travel ban, Supreme Court agrees to hear case.”  No finally crap made up for a political agenda/face saving.

Most of the late to the party media are still running with “Supreme Court will Hear Travel Ban in October” which misses the point that unanimously nine judges went with the administration when faced with the Obama-stacked 9th Circus (sic) decision which was on rulings made by Obama-appointed activist judges more interested in personal opinion and ruling from the bench rather than deciding cases based on the letter of the law.

A familiar tune here, for sure, but as always, we don’t mind sacrificing a few readers who are more married to their opinions that a factually-based assessment of the future.

They could have stuck around and learned something,  but their loss, not ours.

Don’t Tell “Jon” (But again we were right all along…)

Jon is our favorite liberal critic who lurks in the comment section of Urban…

Project Veritas’ American Pravda piece which quotes a reported CNN supervising producer as saying  of the Trump- Russia nonsense Could be bullshit, I mean it’s mostly bullshit right now.  Like we don’t have any big giant proof.”

Once again, we score another victory for logical, methodical reporting of facts, an understanding of law and process.  It appalls me to see how the major media of the Northeast have spun this Russia crap into a tempest while missing the REAL STORY.  No, it wasn’t that apparently democrat-paid-ginned up golden showers BS.

And that kind of distraction, kiddies, is what happens with the vested interests of massive real estate fortunes (Trump, pension funds, insurance companies et al) collide with the barbarians of the Malls – Jeff Bezos who is about to robotized Whole Foods and who smacks the gate of the Trumperian White House about daily with his Washington Post…

So yeah, there’s your battleground, K-Street Denizens – not to mention the Obama government-in-exile which might see Loretta (how’s the grandkid’s?) Lynch headed for the exercise yard in orange

Yes, we think a lesson in Trump-bashing is there for the clear-sighted.

Further example?  Sure.  Remember how Megyn Kelly asked those pointed questions of Trump in the debate and now?

TV Ratings: ‘Sunday Night with Megyn Kelly’ Slips Again in Week 4.”

Time to fart again?

No, seriously:  Old Chinese saying:  Be nice to people on the way up because you will be seeing them again on the way down.

 Headline Volleyball

Oh boy.  Trump’s Serve:  Syria could be preparing another chemical attack, White House says.

Volleyed as Syria denies US allegations of coming chemical attack.

And returned with U.S. Arms for Syrian Kurds Will Continue After Raqqa, James Mattis Says.

A Raqqa ball, did he say?

Ah…Volleyball was sooo much more enjoyable when watching Pamela Anderson and the Bay Watch gang playing.  Tillerson, Mattis, Assad, and Putin… it just ain’t the same, know what I mean?  (Ah but politically correct, I will give you that.)

Another fine example of how little progress there has been in the world.

Did I mention Pam Anderson turns 50 this Saturday?  Her I thought she was 39, or so…

Our politically-correct critics will spend most of today trying to figure out if that was a play on the old Jack Benny line or a statistical fact.  Try both and keep up with the class.

We’ll save further for Urban After Hours.

What Price Royalty?

I refer to England as the country of the Kneelers.  People who could have a fully functioning democracy except for their bowing and scraping to the British monarchy.

But once they get through with BREXIT – if their powers-in-Charge (PICs) ever allow it – would be a swap out of the British throne for something cheaper.

An assessment based on the report Queen to receive £6m pay increase from public funds.

Time did an interesting piece a couple of years ago on where the royal dough comes from.  Big money – and sadly, the average American throne room…oh forget it.

But if you hear of an opening in Royalty somewhere Elaine and I could rake off half a billion as people bow and scrape, let us know where to send the résumés.

Rising Stars of Rising Dragons

Premier Li Keqiang Plays Up China’s New Global Role as the Responsible Antidote to Trump’s America.

Don’t worry, we still have seven years to run until that war and we have a Depression first, so…uh…cheer up!

Comments

Housing Still Hot — 21 Comments

  1. Howdy there Jon hey there is a movie you can get it on DVD called ( THE BEAUTIFUL TRUTH ) and once you’ve seen that it’s about a teenager and it’s about cancer and the corporations , then you’ll get an idea who your real enemy is. ,Have a good day. And may all beings be lovingly fulfilled. So be it

    • And if you don’t watch it for yourself at least maybe you’ll watch it for your loved ones because you never know when cancer will strike and if it does who are you going to ask for help , At least you’ll have the knowledge beforehand ,that is why i say know who your real enemy is first.

    • No one man can combat the evil manifested on This Nation , it took 13 evil men to take away the right of the United States of America to print money

  2. “but A MAJORITY of citizens hate Trump.”

    Jon, you’re hanging-out with the wrong crowd. Almost all of the working people that I encounter are Trump supporters. Those that I run into that hate Trump are either on the dole or are totally brainwashed leftists.

    Why the hate? It has nothing to do with his Tweets, speeches or the Russians. It has everything to do with the ‘anointed on’ HRC losing the election.

    Why?

    Beginning this past March this year is the centennial of the Bolshevik Revolution in Russia. The eight years of Obama set the stage for HRC’s ascendancy.

    Why?

    I firmly believe that the plan was for HRC to celebrate the Russian Bolshevik Revolution by re-enacting the very same in the US of A. Trump and his backers disrupted this plan which explains the wave of hatred of Trump and his supporters.

    If you want to know what today’s dempcrat party stands for, just ‘dial-up’ cpusa.org.

    As a ‘Never Trumper’ you should hope and pray that he succeeds since whenever the commies took over a country the first thing they did was arrest all of those supporters that backed the revolution, line them all up against the wall and shoot them (since they lacked loyalty to the previous power structure they couldn’t be trusted with the new).

  3. Maybe one of your readers would be interested in this beautiful Wyoming property. The owner is needing to sell, due to, well, age. Just take a look at this video, it’s nice, even if you never thought about Wyoming as a place to live.
    http://www.rockspringshouse.com/

  4. Jon,

    You wrote, “Worldwide, 28% have no faith in the Orange one.” You do realize that Donald Trump is the president of the United States of America, not some ambiguous “worldwide” group of people. Therefore, it matters very little a poll done among such a group. And besides, I have a very strong suspicion that even the supposed “worldwide” data is skewered. (BtW, I make my living doing research in non-Western countries and I know how most organizations do their work in such places)

    • I think Jon, like all lefties wants to import every one from everywhere to displace the American populace and turn this into an urban renewal pit, too. I just give up on the kid but he’s amusing.

  5. Did you see this?!?!

    “Not Another Financial Crisis in ‘Our Lifetimes’: Fed’s Yellen”

    You have got to be kidding me! This just screams “top of the market, crash coming soon!”

  6. Classic troll, Jon. The Hill, Rasmussen, Havard-Harris and other polls/surveys consistently report that the majority of Americans are weary of the Russia coverage and want to move on because it is hurting the country, which is precisely why new coverage on the topic is tailing off considerably. The majority of mature adults are capable of grasping reality. In fact, even Democratic elected officials are pushing house and senate party leadership to change their attack vector immediately. Why? Perhaps because Rasmussen is also reporting the majority of register voters (all parties) think Clinton should be part of the Russia probe. 58% of Democrats say their party needs new leadership (like, duh!) and a majority of all those polled feel Russia can still be a valuable ally, with the caveat that events in Syria could lead to a deteriorating relationship or even direct conflict. As the old adage notes, “what’s good for the goose . . . “

  7. My evidence of the real estate market is anecdotal, but it does not line up with the evidence you present. Perhaps this is because I am interested in rural rather than urban properties. Over the last 5 months or so I have been researching properties in an area of the southeast US. I haven’t been keeping an exhaustive database of property histories, but of the properties that I’m tracking the number that have decreased their price definitely exceeded the number that have sold and the number that have sold are a fairly low percentage (maybe around 5%) of the total. I think there have even been more properties that just dropped out of the market than have sold.

    • That’s not true in the Midwest. Rural properties around here stay on the market for less than a week.

      • Sounds like people are leaving the city you just bought in and they just sold out

  8. RE: The British monarchy – more than one U.S. presidents thought that they were king, especially POTUS #44. When FDR ignored Washington’s long standing tradition of stepping down after eight years (under the auspices of being vital to the WWII effort), the nation quickly adopted the XXII Amendment to the U.S. Constitution soon after Roosevelt’s death, no simple task, but gobs easier than changing the British way of doing things (which usually entails civil war). Many actually believe Britain has a ‘constitutional monarchy,’ which is not at all true. According to the British Library (online), “Unlike most modern states, Britain does not have a codified constitution but an unwritten one formed of Acts of Parliament, court judgments and conventions.” So America’s strongest ally, the nation we forcibly separated ourselves from over 230 years ago, still shepherds the sheeple with a hereditary elite, standing behind a ghost constitution to do the things they do. Parliament, which passes the aforementioned ‘acts,’ includes the ignoramus ‘upper’ House of Lords. From Wikipedia, “The membership of the House of Lords is drawn from the peerage and is made up of Lords Spiritual and Lords Temporal. The Lords Spiritual are 26 bishops in the established Church of England. Of the Lords Temporal, the majority are life peers who are appointed by the monarch on the advice of the Prime Minister, or on the advice of the House of Lords Appointments Commission. However, they also include some hereditary peers including four dukes. Very few of these are female since most hereditary peerages can only be inherited by men.”

    • Sir, I believe that you are mis-understanding the phrase ‘constitutional monarchy’.

      A constitutional monarch’s power is limited by the existence of other legislative bodies in their country. While you do mention the House of Lords, which indeed is composed of people made ‘lords and ladies’ in the past, the power of that group was severely limited in 1922 by David Lloyd George – Prime Minister at the time.

      The main legislative body in Great Britain is composed of people who represent by votes cast (just like our congress) areas in the country. In some ways, this group is more reactive to the ‘will of the people’ as evidenced by the latest election. P.M. May almost lost her power because she mis-judged the opinion of the voter (it is quite entertaining to watch the ‘discussions’ in the Parliment – would that our leaders were so candid!).

      Do not dismiss the body of laws that have built up in G.B. since the Magna Carte – they are the basis for our own laws.

  9. It’s nice to hear that you read NJ.com,George.However,our big story today is that the Court granted a writ of certiorari for our sports betting case which would put us on equal 10th Amendment footing with those drug pushing states.Soon,I may not have to move to a desert to make some money.