Housing Recovery?

12:20 pm EST July 23rd, 2009 | News | 5 Comments

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The U.S. housing market has started to recover from the most far-reaching crisis since the Great Depression, data released Thursday shows.

Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn’t happened since early 2004, during the boom.

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5 Responses to “Housing Recovery?”

  1. Jaim says:
    July 23, 2009 at 12:34 pm

    It’s a really good time to buy a house in America, for better or for worse.

    Not that I’d wish the Bush Recession on anyone, but thems the breaks.

  2. SaveFarris says:
    July 23, 2009 at 12:43 pm

    We’ve turned the corner!!!

    Meanwhile, Obama continues to work his magic…

  3. Wilbur says:
    July 23, 2009 at 12:49 pm

    Thanks for the link, SF:

    The four-week average of claims, which smooths out fluctuations, dropped to 566,000, its lowest level since January.

    “The trend in jobless claims is still downward,” Joseph Lavornga, chief U.S. economist at Deutsche Bank, wrote in a note to clients.

    …

    The financial markets shrugged off the news. The Dow Jones industrial average added about 170 points in midday trading to 9,055. Broader indices also rose.

    Clearly Obamanomics is slashing through the economy like Hitler through Poland!! Will nobody stop this pseudo-Hawaiian!?!?!?!

  4. philsimms says:
    July 23, 2009 at 4:41 pm

    Yet another set of odd and misleading coverage on Housing Starts.

    BUILDING PERMITS: Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 563,000. This is 8.7% (±3.0%) above (revised) May rate, but is 52.0% (±3.6%) below the June 2008.

    HOUSING STARTS: Privately-owned housing starts in June were at a seasonally adjusted annual rate of 582,000. This is 3.6% (±11.3%)* above the revised May estimate but is 46.0% (±4.3%) below the June 2008.

    What can we tell from this data?

    Nothing about monthly change in Starts (data points less than the margin of error is statistically insignificant); We cans ay that permits were up month to month, although how much of that is seasonal is hard to decipher.

    The year over year data is much clearer: New Starts down 46%, Permits down 52%.

    Not exactly green shoot materials here — but given the enormous inventory overhang, less new building is better.

    Much of the media reportage on this was simply innumerate — the numerical equivalent of illiteracy. Not just a little wrong, but totally, embarrassingly incorrect.

    WSJ: “Housing starts increased 3.6% to a seasonally adjusted 582,000 annual rate compared to the prior month, the Commerce Department said Friday.”

    Bloomberg: Housing starts in the U.S. unexpectedly rose in June as construction of single-family dwellings jumped by the most since 2004, signaling the market is stabilizing. The 3.6 percent increase brought starts to an annual rate of 582,000.

    Marketwatch: Housing starts rose 3.6% to a seasonally adjusted annual rate of 582,000, the highest figure November.

    Reuters: New housing starts and permits jumped more than expected in June, propelled by a rise in single-family homes, a government report showed on Friday. Housing starts climbed 3.6 percent to seasonally adjusted annual rate of 582,000 units, from May’s upwardly revised 562,000 units, the Commerce Department said.

    No, that is not what they said at all – plus 3.6% with a margin of error of 11.3% = don t know.

    It makes you wonder if these people can count to 21 unless they are naked.

  5. Enlightened Liberal says:
    July 23, 2009 at 7:28 pm

    With the surge in the stock market today, it is up 14% since Obama took office. Cons strangely silent, despite a 28% annualized gain.