From CNBC:
Pending home sales fall more than expected as costs for buyers rise
Potential homebuyers out shopping in April may have been spooked by a sharp rise in mortgage interest rates. Pending home sales, which measure signed contracts to buy existing homes, fell a wider-than-expected 1.3 percent compared to March, according to the National Association of Realtors. It was the third lowest level of the past year.
Pending sales were 2.1 percent lower compared to April of 2017 the fourth straight month showing an annual decline. The Realtors point, again, to the continuing supply crisis in housing today.
“Feedback from Realtors, as well as the underlying sales data, reveal that the demand for buying a home is very robust. Listings are typically going under contract in under a month, and instances of multiple offers are increasingly common and pushing prices higher,” said Lawrence Yun, chief economist for the NAR in a release. “The unfortunate reality for many home shoppers is that reaching the market will remain challenging if supply stays at these dire levels.”
Weakening affordability is going hand-in-hand with short supply, especially on the lower end of the market. As home prices continue to rise, potential buyers have less and less wiggle room in their wallets.
Mortgage rates jumped sharply in April, with the average rate on the popular 30-year fixed hitting its highest level in seven years. Buyers out shopping were having to recalculate their budgets for homes.
Buyers are also seeing higher prices for gas, which, while not a major factor for everyone, may weigh on consumer confidence. Buying a home is usually the largest investment most people ever make, and confidence is therefore key.
“The combination of paying extra at the pump, while also needing to save more for a down payment because of higher rates and home prices, may weigh on the psyche of those looking to buy,” said Yun.
Regionally, pending home sales in the Northeast were unchanged for the month and 2.1 percent lower than one year ago.
In the Midwest, sales decreased 3.2 percent monthly, and were 5.1 percent lower than April 2017.
Pending sales in the South declined 1.0 for April but were 2.7 percent higher than last April. Sales in the West dropped 0.4 percent monthly and were down 4.6 percent annually.
Little Pumpkin – Shocker – Murphy uses creative maneuver to steal $800 million of energy taxes that would go to local municipalities diverted into the state general fund to plug the hole.
http://www.nj.com/politics/index.ssf/2018/06/phil_murphy_orders_immediate_spending_hiring_freez.html#incart_2box_nj-homepage-featured
This after he increased the assumed rate of return on the pensions, to reduce the payment obligation this year, underfunding, again.
Like I said, pensions no longer work, because you can’t trust any of these crooks to run them.
But while the labor market today is healthy, there are signs it still isn’t booming the way it was in 1999 and 2000. The employment rate — the share of adults who have jobs, a measure that avoids tricky questions about who should count as unemployed — still hasn’t returned to its prerecession level. That’s largely because of the retirement of the baby boom generation. But even adjusted for the aging work force, the employment rate is below its peak in 2000.
Any questions – Eddie You Cunt
If economic growth continues at this rate, U-6 will hit a mid-term low (below the late 90s) in the next 3 or 4 months.
Atlanta Fed just released an astounding 4.7% estimate on Q2 GDP. Nobody, I mean NOBODY, thought this would ever be possible in America.
There are serious questions about whether the participation rate can ever recover until the boomers start dying en mass.
Although, with the low unemployment, increases in wages (2.7% annualized, unexpectedly higher), the drops we’re seeing in U-6, it’s fairly likely we’re going to see the participation rate start ticking upwards, despite the demographic headwinds.
By the way, weren’t you just bragging the other day about not being a participating member of the labor force, despite your eligibility to do so? You realize you are part of the problem that you are highlighting, right?
In regards to that convo about young people starting families in the burbs:
While you may not see the SAHM in the day, I’ve seen many family (both parents, toddler and newborn/stroller) go for walks after 6. Maybe the shift to the burbs will happen as more telecommute opportunities rise?
I’ve been a telecommuter for something like 6 years now.
There are a good number of work-at-home dads that drop their kids off at pre or grade school. It’s easy to tell, they drive new cars but show up in flip flops and shorts to drop the kids off. Not the worst life.
Although I am traveling more in the last year than I have ever before. Will absolutely blow through 1K this year. Business is very good. In Paris next week, then back, then in Asia for another week. Skipped a trip to Colombia two weeks back, but maybe should have gone to scout out retirement properties ala Stu.
Couple of the guys I work with bought places in Panama 10-15 years back once we started operating there. Absolute steal on beach properties at the time. One guy I know went all out and married a Panamanian girl, talk about strategic retirement planning.
Lol he fully committed to thay retirement plan
Yes, you are correct, it’s hard to argue otherwise.
“Like I said, pensions no longer work, because you can’t trust any of these crooks to run them.”
Fock You pay Me
The boom is coming. Been saying this for a long time. It’s only 4th or 5th inning in this epic boom. Just getting started.
“Atlanta Fed just released an astounding 4.7% estimate on Q2 GDP. Nobody, I mean NOBODY, thought this would ever be possible in America.”
Lurks perhaps you might see the shift then. But I think it you would need to have that for 5 days a week not one to two days like many companies offer now. Then of course what happens to all the new apartments that have been built and are continuing to be built and of course all the office buildings? And with telecommuting you can skip the suburbs and keep going further out if you want. But you also need to factor in the rapidly declining birth rate.
I think grim and lefty nailed it with their predictions. That’s why this debate over suburbs dying in northeast nj is pointless. These areas are being consumed by nyc. Yes, suburbs are dying and becoming urban areas in northeast nj. It’s inevitable. Lots of high rises coming to a nj neighborhood near you.
Lurks McGee says:
June 2, 2018 at 8:28 am
In regards to that convo about young people starting families in the burbs:
While you may not see the SAHM in the day, I’ve seen many family (both parents, toddler and newborn/stroller) go for walks after 6. Maybe the shift to the burbs will happen as more telecommute opportunities rise?
3b,
Good points, but I think we’re pointing in that direction. Since we have an uptick of sprawling vacant office parks, I image companies are seeing the writing on the wall. I imagine the SAHM will transition to the WFHM – maybe even both parents.
Saw an article yesterday that discussed Vermont’s declining population and how their trying to attract younger telecommuters by paying them 10k over 2 years as an incentive to move there. State funded ways to draw young blood.
Pumpkin,
Yeah, that just sounds like NYC expanding/growing. If that is the case, would the suburbs be expanded as well?
Wages won’t rise as long as they allow infinite third worlders to flood in. Talk about dissonance from the left.
Yep, been there, done that, seen that.
One of my favorite years at work was actually “in the office”, almost 4 years ago. Our oldest was attending Boston Latin for her first year (7th grade). She was too young to find her way solo to school, but there was this massive BLS bus stop just a mile from us, and in the direction of my work, 8 miles away. Her and 20 other BLS students got on a “supplemental”(meaning only BLS students were allowed to board) bus that left at 6:40. I had never, and haven’t since, been so regimented in leaving our home. 6:25AM we needed to be out the door and I started counting down like a drill sergeant at 6:15. If my 12 year old missed that bus, her school was in the opposite direction from work.
Because I used to get to work so early (6:50 or so), I left at 3:10 every day. Again, regimentation. If I left even 5 minutes later I got held up by the elementary school around the corner from my office that let out at 3:15.
It was just perfect. I imagine factory workers used to enjoy this surety. Almost a year later I had to stay late at work for something. I suddenly realized how strange it was to drive home after dark. I hadn’t seen that in so long. That was the real beauty of that year. Sure, we had to leave in the dark during the Winter, but I always arrived home in daylight.
Ask any high income earner if they ever knew that luxury.
I’ve been a telecommuter for something like 6 years now.
There are a good number of work-at-home dads that drop their kids off at pre or grade school. It’s easy to tell, they drive new cars but show up in flip flops and shorts to drop the kids off. Not the worst life.
Pumps and it won’t be the suburbs you want it to be. So yes the suburbs are still dying.
I’ve tried to quote my post from many years ago, but it fails the blacklist. I learned this from my own work at the turn of the century, working in a tech startup prior to 2000(which remains viable to this day).
Back in the 1990’s big, big, Big, BIG, BIG conferences and trade shows were all the rage. (Does anybody remember COMDEX?)…..
…I knew nothing about the conference industry prior to 1998. What I learned quickly was that it was 1/3 of all hotel rooms. 1/3 of hotel rooms went to travel, 1/3 of hotel rooms were for business, 1/3 of hotel rooms went to conferences and shows. That’s what drew me in….
The next thing I learned was wash in, wash out. Yeah, very much like Mr. Myagi in the Karate Kid….
Large conferences, aka, I can’t remember the term, I want to say “multi-room”, but that makes no sense, “multi-hotel”, doesn’t sound right either, whatever…BIG conferences have a dynamic, and conference planners know it as wash in/ wash out….
…what wash in/wash out means is very, very, simple to understand:
1. A conference is announced more than 6 months from now.
2. All of the premium hotel rooms at or near the conference sell out.
3. Because all of the premium hotel rooms are booked, the outlying hotel rooms also book up wash out
4. As the conference approaches, cancellations of rooms ensue.
5. Premium hotel rooms open up, cancellations of outlying rooms begin as cancelled rooms close to the conference are re-booked. wash in
This all happens over 9 months with regard to a big conference. Maybe it doesn’t happen anymore, but the lesson is sound.
Wash out to the suburbs is complete.
Wash in to the cities is starting now.
@MMFlint
An Israeli sniper shoots & kills an unarmed medic, a 21-yr old Palestinian woman who was treating other unarmed people being shot & killed with guns and bullets you and I pay for.
I know we have so much madness we’re trying to deal with here at home.
Pls take a min. to speak out.
@kylegriffin1
AP reports:
“Of more than 60 EPA hires tracked by the AP over the last year, about one-third worked as registered lobbyists or lawyers for chemical manufacturers, fossil fuel producers or other EPA-regulated companies.”
@thedailybeast
This comes only one day after another report revealed that Pruitt’s EPA also spent $1,560… on 12 custom pens
This is what globlaists fear most:
1 citizen 1 vote
^^^^^ globalists also fear it.
I just had reheated french fries for lunch. Same as oycec except she can’t get her fat ass to admit it.
JOYCE BLOC!ADE !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!JOYCE BLOC!ADE !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
JOYCE BLOC!ADE !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
joyce is just a little bit of cunt. joyce is not an important cunt.
I take that back. joyce is my favorite bone dry cunt.