From the WSJ:
Pending Home Sales Rose 1.7% in January
A forward-looking gauge of U.S. home purchases rose in January to its highest level in nearly a year and a half, a sign of firming demand in the housing market.
The National Association of Realtors said Friday that its pending home sales index, which is based on contract signings for purchases of existing homes, increased 1.7% to a seasonally adjusted level of 104.2 in January from an upwardly revised reading of 102.5 in December.
Economists surveyed by The Wall Street Journal had expected pending home sales would rise 2% last month after dipping in December. Home sales typically close within a couple months after signing.
“Through the volatility, the trend in home sales is up probably up modestly at least,” High Frequency Economics chief U.S. economist Jim O’Sullivan said in a note to clients.
The index rose 8.4% in January from a year earlier and reached its highest level since August 2013, when home sales were tumbling after a jump in mortgage rates.
…
According to Friday’s report, pending sales of existing homes rose 3.2% in the South last month from December, and climbed 2.2% in the West. Pending sales ticked up 0.1% in the Northeast and fell 0.7% in the Midwest.
Frist – Weekend edition
I would play the weather card for the Northeast numbers, but I’m sure I’d be fricasseed for it. Can’t imagine February numbers for the Northeast are going to be very good.
Why care about Jan-Feb numbers? Realistically, together they are what, 1-5% of the total yearly number, which is already ~2% of housing stock…Jan-Feb are a few discounted leftovers plus some need-to-move desperados…
Two months typically represent around 10% for the cold weather areas, probably more for the warmer weather states, and on average I’d bump it to closer to 5% of the total housing stock. But yeah, the folks to try to take the weakest two months and annualize them to try to make a 12 month forecast are wasting their time. Layer on the impact of weather during those two months, and any forecast would be at best, toilet paper.
Money talks and bull$hit walks.
“The Christie administration’s reported settlement of an $8.9 billion lawsuit against Exxon Mobil Corp. for just $250 million drew a wide range of criticism Friday against a governor who has leaned heavily on the fossil fuel industry for money to boost his national stature.”
http://www.northjersey.com/news/n-j-agrees-to-250m-pollution-settlement-from-exxon-state-had-sought-8-9b-1.1279950
I read today’s topic and it’s comical! Forward looking gauges; modestly, probably, maybe, trendy trending through volatility; high frequency economics chiefs (lol!!); signs of firming demands according to NAR muppet puppets… lol! It’s hysterical! Is this real or from the Onion? Oh wait, I think it is!
http://www.theonion.com/articles/please,31077/
What do you do when the house won’t sell? Why, raise the price, of course:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1506436&dayssince=&countysearch=false
Sold in 2006 for $2,030,000; currently asking $1,660,000. What’s a few hundred thousand dollars down the tube when you have a haughty address? A drop in the bucket for them, right?
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1506341&dayssince=&countysearch=false
Sold for $1,440,000 in mid 2007; currently begging for $1,273,023. I have no idea how they came up with that rounded number. They’re probably so battered and confused that they’re mumbling any random numeric figure that comes to mind. Do any of these house agents that talked buyers into signing during the scam years carry a concealed weapon? Wouldn’t you be looking over your shoulder if you talked dozens of people into financial ruin?
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1505146&dayssince=&countysearch=false
Home sold in as-is condition. Buyer is responsible for all inspections & municipal certificates, including C/O. G0d only knows the real story behind this mess. They’ve been trying to sell this one for years. Taxes are only $24,000/year. That’s chump change for prestigious folks like us, right?
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1506211&dayssince=&countysearch=false
Originally asking $819,000; currently asking $698,000. Sure, why not?
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1504803&dayssince=&countysearch=false
And we’re to believe some bullsh1t index nonsense numbers from the NAR to decimal point accuracy, no less. It’s so sad that I imagine these poor people can only laugh through the tears. The current state of the housing market is so sick that it’s immeasurable. The number of people financially strained is f.ucking staggering.
Eddie is winding up to go shopping…
Shopping? Would you pay $25 for half-a-loaf of stale white bread?
From the People’s Republic of Wayne; have you ever seen a more sterile, bland and non-descript house?
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1505763&dayssince=&countysearch=false
Menendez raised a million dollars for his legal defense, and is going to use every nickel to keep his aides from testifying to the grand jury in a criminal investigation on his dealings.
http://www.nj.com/politics/index.ssf/2015/02/menendez_aides_attempting_to_avoid_testifying_in_g.html#comments
Gary (14)-
Yeah, but you’re essentially paying to stare at the loaf of stale bread and crack jokes about it.
“Shopping? Would you pay $25 for half-a-loaf of stale white bread?”
That bamboo rod guy really let that get to this head, even named a rod design the slowhand.
Isn’t that the home in Poltergeist…….don’t go into the closet…..They’re Here…..
Fast Eddie says:
February 28, 2015 at 8:51 am
Home sold in as-is condition. Buyer is responsible for all inspections & municipal certificates, including C/O. G0d only knows the real story behind this mess. They’ve been trying to sell this one for years. Taxes are only $24,000/year. That’s chump change for prestigious folks like us, right?
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1506211&dayssince=&countysearch=false
ChiFi,
Every underwater muppet is suffering from the Poltergeist effect. Take your pick. It’s like spearing fish in bucket.
Anthony Mason < Vigoda
Wow! Very sad about Mason! I remember that Knicks line-up very well.
Remember Richard Mack, the guy who defended welfare rancher Cliven Bundy? He’s also the founder of The Constitutonal Sherrifs and Peace Officers Assocation. Now he is uninsured, has a stack of healthcare bills and wants you to pay them.
He was one of those “sovereign citizens” who claimed that making healthcare affordable and accessible is tyranny. He didn’t merely oppose Obamacare, Mack was an active opponent.
Back in the day, he took to his website to preach the merits of state’s taking the Nancy Reagan approach to Obamacare. Just say no.
The States do not have to take or support or pay for Obamacare or anything else from Washington DC. The States are not subject to federal direction,
Well, Mack had a heart attack in January. Here’s a shocker. He doesn’t have health insurance and can’t pay the mounting stack of bills for his treatment and on going recovery. According toTalking Points Memo, Mack’s wife fell ill last year and she is also uninsured.
Mack’s son explains that his father is self-employed so he doesn’t have health insurance. and therefore he is “desperate for our assistance.” Of course, that was reality for millions of Americans who didn’t have employer based health insurance and couldn’t afford to buy it as individuals. People with pre-existing conditions faced the same realities before Obamacare.
Ofcourse, the Macks are big believers in personal responsibility. They believe in people pulling themselves up by their own bootstraps. Live within your means and if you can’t get another job.That’s why Richard Mack is asking you to pay their medical bills via gofund. He explains the fact that recovery from a heart attack takes time and money, along with the problems that come with being physically unable to work.
[6] Eddie,
Yeah I wondered about that too, what is High Frequency Economics? You mean like Microwave Economics?
massive corporate welfare to big oil is OK.
food subsidies to poor black kids are abhorrent
The Great Pumpkin says:
February 28, 2015 at 8:20 am
Money talks and bull$hit walks.
“The Christie administration’s reported settlement of an $8.9 billion lawsuit against Exxon Mobil Corp. for just $250 million drew a wide range of criticism Friday against a governor who has leaned heavily on the fossil fuel industry for money to boost his national stature.”
http://www.northjersey.com/news/n-j-agrees-to-250m-pollution-settlement-from-exxon-state-had-sought-8-9b-1.1279950
Mack, don’t despair, Ragna’s check is on the mail
@SaltedJosh:
Schadenfreude Report:
Anti Obamacare bigot Richard Mack falls ill, is begging for money to pay for his healthcare.
Hey Eddie your right a lot of them are broke. Take a look at this beautiful dream home. Woodland Park, the first one for 94K. Now I knew this man, he had a decent job, got laid off, collected SS early and never saved a dime. THis is the way this guy was living until the bank came in and took back the house. You see how bad some of these old bags in NJ are living. Now he moved in w/ his daughter!
The only change I’ve seen in the housing market lately (in Warren County) is a number of bank owned properties finally going to auction with many still not selling.
Again, here, if a house is priced realistically, it’s gone in a week with multiple offers. Everything else sits.
*Strangest auction I’ve ever encountered a few weeks ago: Bank owned house going to auction but online over the course of a week. There was an open house for potential buyers previous to it being open for bidding. I bid $10,000 (the minimum) someone else $25,000. Didn’t sell. In a few more months it’ll be a teardown if they don’t unload it.
Here’s your benchmark, in the most “sought after” part of Wyckoff (cough). This thief bought the house for 310K at auction, slapped used sh1t into the kitchen and is asking 679K. The house is a wreck!!
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1503150&dayssince=&countysearch=false
Marilyn,
It’s all a scam and the numbers touted by the NAR is pure bullsh1t. It’s a horror show and it will takes YEARS before it resembles anything that used to be considered normal.
Well, Mack had a heart attack in January. Here’s a shocker. He doesn’t have health insurance and can’t pay the mounting stack of bills for his treatment and on going recovery. According toTalking Points Memo, Mack’s wife fell ill last year and she is also uninsured.
All that means is that he’s going to get it for free.
No big. This guy Mack should just BK and accept his indigent care and whatever loot he can cadge.
January pending sales hit 18 month high | New Jersey Real Estate Report
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The following time I learn a blog, I hope that it doesnt disappoint me as much as this one. I mean, I do know it was my choice to learn, however I really thought youd have something attention-grabbing to say. All I hear is a bunch of whining about something that you could possibly repair if you happen to werent too busy looking for attention.