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Sales of existing U.S. homes decreased 17%

 
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Renting in Mass



Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011

PostPosted: Mon Jan 25, 2010 3:36 pm GMT    Post subject: Sales of existing U.S. homes decreased 17% Reply with quote

http://www.bloomberg.com/apps/news?pid=20601087&sid=adKgnPdyQLwg&pos=2

Hey Bloomberg, would it kill you to tell us December's year-over-year number for sales and prices? Sheesh.

And could you put some numbers in the headline? I really don't care how the number compares to a bunch of economist's guesses.
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john p



Joined: 10 Mar 2006
Posts: 1820

PostPosted: Mon Jan 25, 2010 4:44 pm GMT    Post subject: Reply with quote

What is funny is that when we got the subprime meltdown it was actually Bloomberg News that defended the Community Reinvestment Act.

http://www.seattlepi.com/business/344669_subprime24.html

The guy was Mark Pittman of Bloomberg. He outlined how this group of five young hot shot investors (one with a background in nuclear physics) designed a product that could magnify the underlying asset of mortgage backed securities (which there was a huge global apetite for at the time) if you can believe it....

Anyway, it was guys like Pittman who helped win the day for those that subscribe to your thinking (that the CRA wasn't resposible for the meltdown).

They say Mark Pittman was an smart, honest bulldog of a guy and for sure he was your dog in the fight Renting, so I wouldn't decide to not read Bloomberg. There are good people in most organizations and you have to empower them.

http://www.bloomberg.com/apps/news?pid=20601109&sid=afp8OC.OvRnI

This guy was a man of honor. I disagreed with him on the CRA but I have tremendous respect for this guy.
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john p



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PostPosted: Mon Jan 25, 2010 5:03 pm GMT    Post subject: Reply with quote

http://wesleying.org/wordpress/wp-content/uploads/2009/09/woody-guthrie.jpg
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Renting in Mass



Joined: 26 Jun 2008
Posts: 381
Location: In a house I bought in December 2011

PostPosted: Mon Jan 25, 2010 5:26 pm GMT    Post subject: Reply with quote

They added more detail since I first posted. They just throw something up as soon as the numbers are released, and they add detail over the next few hours.

Anyway, the YOY price change is + 1.5%.

I don't have a problem with Bloomberg in general. I just dislike their reliance on estimates and the "more/less than expected" story lines. That's pretty endemic throughout the financial press though.

John, your ability to work the CRA into every conversation is impressive!
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john p



Joined: 10 Mar 2006
Posts: 1820

PostPosted: Mon Jan 25, 2010 5:47 pm GMT    Post subject: Reply with quote

e-mail the writers if you have issues. I'm sure they'd appreciate constructive feedback.

Hey I was throwing you a bone with the CRA on this one. The Bloomberg writer was supporting your view; and he did it when the CRA came under fire right before the election. Many of the left wing political pundits were parroting Pittman's points.

I admire Pittman because he keeps the elites in line. He puts the heat on the "Group of Five". Because I believe in a government of the people and not a handful of elites; I say, how can a group of five hurt a group of three hundred and fifty million? The only way is if that three hundred and fifty million are asleep. Keep in mind, when this tsunami of adjustable rates resets were coming, Congress was debating Professional Baseball.

We can make laws and regulations etc. but if we have a vast citizenry that is lazy and is easily preyed upon there isn't much a few sheepdogs can do. I actually get mad at the elites that pretend that they can solve all our problems, I want them to tell us the truth and tell us to step up and take on responsiblity. I mean what the fuck were all these people thinking when they took these mortgages; forget what the banks say, these people had no common sense and so many innocent people are paying the price for these god dam fools. We can't live in a society where we allow people to be less fortunate and dumb prey. We have to push citizens to be smarter and work harder and learn self defense.

Think about people that have been on this blog for 5 years WAITING. I mean our lives are passing by and it is just too easy to blame a small segment. It gets to a point where people have to say, Jeez I have to swallow a bit of stupidity of prior generations if I want to get a house and start the next chapter of my life.

Getting back to your original post Smile When you do your year over year analysis, benchmark it with the mortgage rate at the time, and of course assume that a recorded sale was based on a deal made a month or two prior so you have to look back the prior month's mortgage rates to get a feel. For example if a mortgage rate was 6% last year and 5% this year, the house price might go up just because there is more affordabiliy due to the cheaper cost of capital. More specifically today, if you are doing that analysis, I am curious to get a sense to see if the flood of new buyers into the market induced by the $8k deal has subsided?
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