Home sales disappoint again

From Bloomberg:

Previously Owned Home Sales in U.S. Drop for Third Month

Previously owned U.S. home sales declined for the third consecutive month in November to the lowest level of the year as rising mortgage rates and a limited supply of properties discouraged buyers.

Purchases dropped 4.3 percent to a 4.9 million annual rate, the National Association of Realtors reported today in Washington. The median forecast of economists in a Bloomberg survey called for the pace to slow to 5.02 million. Still, the group projects 2013 will be the best year for the industry in seven years, with an estimated 5.1 million properties sold.

Rising prices and borrowing costs have put homes out of reach for many first-time buyers and a partial federal government shutdown in October may have delayed some purchase decisions. At the same time, builder confidence has picked up along with new construction, signaling gains in housing will be sustained.

“Part of the weakness was the government shutdown,” said Brian Jones, senior U.S. economist in New York at Societe Generale. “The vast majority of indicators we’ve gotten on housing are pretty solid.”

Estimates in the Bloomberg survey of 75 economists ranged from 4.9 million to 5.21 million.

Sales declined in all four regions, led by a slump in the West, where a lack of inventory restrained activity. Demand decreased 8.5 percent in the West, 4.1 percent in the Midwest, 3 percent in the Northeast and 2.4 percent in the South.

“It’s a clear loss of momentum,” NAR Chief Economist Lawrence Yun said at a news conference as the figures were released. “Even with the weakening, we expect home sales to be the best in seven years.”

Cash transactions accounted for about 32 percent of all purchases, compared with 30 percent a year earlier, the report showed.

Sales of distressed property, including foreclosures, accounted for 14 percent of the total last month, unchanged from October.

Existing-home sales, which are tabulated when a purchase contract closes, are recovering from a 13-year low of 4.11 million in 2008 after reaching a record 7.08 million in 2005.

This entry was posted in Economics, Housing Recovery, National Real Estate. Bookmark the permalink.

30 Responses to Home sales disappoint again

  1. Happy Renter says:

    Could it be? First!

  2. JJ says:

    Number 2!!

  3. anon (the good one) says:

    not surprising. what, were the slaves supposed to enroll in Harvard after centuries of slavery? no civil rights till 1960!!!

    @BillMoyersHQ: RT @ThirteenNY: There are more African Americans under correctional control today than were enslaved in 1850: http://t.co/7mkPTUEhJs

  4. nwnj says:

    Glad to see anon is evolving from abject moron to race baiter. Baby steps I suppose.

  5. JJ says:

    If Harvard had Division One sports the answer would be yes

    anon (the good one) says:
    December 19, 2013 at 3:50 pm

    not surprising. what, were the slaves supposed to enroll in Harvard after centuries of slavery? no civil rights till 1960!!!

  6. The Original NJ ExPat, cusp of doom says:

    [6] No sports scholarships at Harvard, they’d still have to pay their own way and meet admissions standards. I go to at least one Harvard game a year and sit right down front. It’s amazing how average-sized the players are and the quality of play is well below a good HS team, which is understandable. The Ivy League is pretty evenly matched and all prohibit sports scholarships, so the games are not usually blow-outs. I was at the last Rutgers-Princeton game in 1980 when I was an undergrad. Princeton had to drop RU from their schedule, despite the history, because RU had aspirations of going big and it was starting to show in the scores. They used to take down the regular goal posts (still H-design) and put up real flimsy ones made out of 4×4 lumber as they knew they were coming down after the game and they would rather they come down quickly before 30 drunk guys monkey-climbed to the cross bar.

  7. Painhrtz - Disobey! says:

    Hey anon how many of them are non violent drug offenders that president choom promised he would.look into adjustment of federal drug laws but has not.

  8. Fast Eddie says:

    “Part of the weakness was the government shutdown,” said Brian Jones, senior U.S. economist in New York at Societe Generale.

    LMAO!! What a f.ucking dolt. Senior economist? Geezus, how do these people get a quote into print?

  9. Ivy League soccer, lacrosse, field hockey as good as any D-1 conference.

    Princeton basketball no slouch, either.

  10. Juice Box says:

    Anyone like Balvenie 12 year double wood?

    Don’t wan’t to go overboard or seem cheap.

  11. The Original NJ ExPat, cusp of doom says:

    Agreed. Swimming and Diving as well.

    Ivy League soccer, lacrosse, field hockey as good as any D-1 conference.

    Princeton basketball no slouch, either.

  12. Street Justice says:

    New Jersey gun laws gave killer carjackers lethal advantage


    A Christmas-shopping lawyer has been shot to death in front of his wife at an upscale New Jersey mall, and their expensive SUV was stolen by “a pair of suspected carjackers,” Reuters reported Monday.

    “The victim, Dustin Friedland, 30, wasn’t protecting his luxury SUV, says a source close to the investigation — but his beloved wife Jamie, already in the car,” the Daily News elaborated.

    Against armed sociopaths, unarmed protection is severely limited, and New Jersey gun laws ensure the advantage goes to the predators.

    While The Mall at Short Hills does not appear to post a “no weapons” policy on its website, the point is made moot by the Garden State’s “may issue” concealed carry restrictions.

    ‘Issuance of the permit is almost completely discretionary, and New Jersey courts have upheld the policy of strictly limiting permits ‘to persons specifically employed in security work . . . and to others who can establish an urgent necessity for carrying guns for self-protection’,” USA Carry reports.

    That only matters to people who obey the law.

    While it would be wrong to presume the victim would have agreed, that should have no bearing on the choices of those who do. After all, if monstrous violence can happen at a center described as posh, upscale, exclusive and high-end, it can happen anywhere. There are no safe havens, and no one has a moral right to dictate that free people who are aware of that may not — under penalty of law — be prepared to at least give themselves and their loved ones a fighting chance.

  13. The Original NJ ExPat, cusp of doom says:

    Channeling JJ:
    I used to give that to this smoking hot girl I used to do on the side on the way to my Hampton share on Friday nights. She was stripping at this club in Hauppauge and I used to stop off to gas up my Jeep, have a few cold ones at the club and then give Gina some of that double wood. She was a really dumb chick, but she had an absolute 10 for a body. Anyway, that double wood really saved my bacon, because she never even noticed that the first wood was premature every time, she was just that hot.

    Anyone like Balvenie 12 year double wood?

  14. street (13)-

    NJ has become Colombia. The (planned) transition was so gradual, nobody noticed.

    Only problem is, we will now go from Colombia to oblivion.

  15. chicagofinance says:

    You hit the nail on the head….it is a good gift because it is safe. Good and solid, but a little corporate.

    Juice Box says:
    December 19, 2013 at 6:47 pm
    Anyone like Balvenie 12 year double wood?
    Don’t wan’t to go overboard or seem cheap.

  16. chicagofinance says:

    There is definitely a scotch bubble……

  17. Anon E. Moose says:

    Juice, Can’t comment on that bottle. My ‘everyday’ and bar order is Chivas. Going upscale, I’m partial to Macallan 12 and 18; JW Blue when possible, and lately Glenmorangie Lagavulin (finished in sherry casks – lends a very nice flavor and color).

  18. Anon E. Moose says:

    Redux [18];

    Not Lagavuilin, Lasanta.

  19. Juice Box says:

    Moose Chivas? When you drink that do you flash gang signs? Guy I am buying it for has some Portugese heritage although by the blond hair you would not know it.

  20. NJGator says:

    Patrick DeBlasio gets sixth public job, hired as Highlands CFO

    Patrick DeBlasio moved up the ranks of the state’s double dippers on Wednesday, getting his sixth public job, as the borough’s chief financial officer.

    Highlands will pay DeBlasio $40,000 annually to balance the borough’s books on a part-time basis.

    DeBlasio has a full time job as Carteret’s CFO and part-time jobs in Keansburg, North Plainfield, the Carteret School District and in Highlands, where he already serves as the borough’s tax collector.

    In 2012, he earned a total of $244,606 from the jobs, according to state pension and payroll records.

    Administrator Tim Hill said that, like Pfeffer, DeBlasio will not have to work a minimum number of hours or even show up to Highlands’ municipal offices. Rather, DeBlasio will need to be accessible and to get the job done, Hill said.


  21. chicagofinance says:

    juice: show some sack…..how’s this?

  22. chicagofinance says:

    As an aside WTF does this mean?
    The aromatics are rich with blueberry, violets, toasted oak, vanillin and spice. As this wine opens in your glass, its tightly wound aromatics will continue to unveil themselves. Your palate is greeted with blueberry, Provençal herbs, bittersweet cocoa, baking spices, basalt, blackberry, dried violets and tobacco.

    “The 2010 Cabernet Sauvignon Estate exhibits a dark purple color along with a pungent, earthy nose displaying hints of new saddle leather, roasted meats, cedarwood, barbecue smoke, creme de cassis and blackberries.

  23. grim says:

    Why would anyone know what Basalt tastes like? Who thinks to themselves, “Self, you know what we’re going to do today, we’re going to go out and lick some f*cking rocks today.”

  24. anon (the good one) says:

    taking a brief break the next two weeks.

    it will be a time of joy and reflection – a time to thank God for all the blessings received in 2013.

    will return in 2014 with a much invigorated effort to continue the never ending fight against the dark forces: regressives, racists, fukctards, teatards, right-wingers, free mkt fanatics, talibanists, fascists, slumlords, tax dodgers, self-righteous prlcks, doom & gloom proclaimators, banksters apologists, greedy baztardz, etc, etc, etc.

    for the rest of you, Merry Christmas.

  25. Libturd on NJ Transit says:

    Damn. I’ll have to check back into Twitter again.

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