Just About To Pop?
July new home sales rise to record (Reuters, via Brothers Judd)
Sales of new U.S. homes jumped 6.5 percent to a record high in July, defying economists' expectations for a decline, as purchases soared in the Northeast and West and median prices dropped, a government report showed on Wednesday.
The Commerce Department said new single-family home sales rose to a seasonally adjusted annual rate of 1.410 million units from a downwardly revised 1.324 million unit rate in June. The July sales pace was 27.7 percent higher than a year earlier.
Economists had expected new home sales to drop to a 1.333 million unit pace from June's originally reported 1.374 million unit pace.
Folks basing hopes of a comeback for their political party on the notion of a housing bubble that eventually pops and devastates America really must be disappointed with this news.
Incidentally, I had intended a Peak Oil post after the latest round of blather from the Peak Oil enthusiasts, but the previously-linked Lou Minatti seems to have it covered for me. Friend Tom Hanna has also written about the crude bubble.
Posted by Kevin Whited @ 08/24/05 20:56 | Other | Technorati
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Comments
Existing home sales fell 2.6% in July, but price appreciated, so the signals are mixed at best. The thing is that interest rates are still sticking below 6% and it looks like Greenspan's short term rate increases are just flattening the yield curve (usually a precursor to a recession). Slowdown? Certainly. Bubble popping? Maybe. Disaster on a par with "peak oil"? About as likely.
http://news.tom-hanna.com/?...
Posted by Tom Hanna @ 22:01 on 08/24/05
Steven Levitt at his freakonomics.com blog has a good post on the oil paranoia as well.
Posted by EasyE @ 18:56 on 08/25/05
Furled that one earlier. It is a good one!
Posted by Kevin @ 19:05 on 08/25/05
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