Wednesday, January 30, 2013
Monday, January 28, 2013
Soft demand from refineries made for a 2.8 million barrel build in oil inventories which,
http://mam.econoday.com/byshoweventfull.asp?fid=455722&cust=mam&year=2013&lid=0
Friday, January 25, 2013
Distressing gap in housing market
http://www.calculatedriskblog.com/2013/01/new-home-sales-and-distressing-gap.html
Historical house prices
http://marketwatch666.blogspot.com/2012/09/employment-gdp-revisions-august-incomes.html
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http://mam.econoday.com/byshoweventfull.asp?fid=456551&cust=mam&year=2013&lid=0
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http://mam.econoday.com/byshoweventfull.asp?fid=456551&cust=mam&year=2013&lid=0
Wednesday, January 23, 2013
Housing starts
http://mam.econoday.com/byshoweventfull.asp?fid=456088&cust=mam&year=2013&lid=0
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Highlights
Housing is still recovering and at moderate levels of activity but December starts suggest that recovery is moving somewhat faster than earlier believed. Housing starts in December rebounded a sharp 12.1 percent, following a dip of 4.3 percent the month before. The December starts pace of 0.954 million units topped analysts' forecast for 0.887 million units and was up 36.9 percent on a year-ago basis. November was revised to 0.851 million units from the initial estimate of 0.861 million. The jump in starts was led by the multifamily component although single-family starts also were up notably. Multifamily starts jumped 20.3 percent after a 6.3 percent decline in November. The single-family component gained 8.1 percent in December after decreasing 3.2 percent the prior month. By region, starts in December were led up by the Midwest region which posted a monthly 24.7 percent jump in starts. Also rising were the Northeast, up 21.4 percent; the West, up 18.7 percent; and the South, up 3.8 percent. Forward momentum continues as housing permits gained 0.3 percent to an annual pace of 0.903 million units. Market expectations for housing permits for December were for 0.910 million units. Housing is adding to the recovery with moderately positive growth although still from relatively low levels of activity. A caveat about the numbers is that seasonal factors are large during winter months and this may be coming into play. | |||||||||||||||||||||
Market Consensus before announcement
Housing starts in November declined 3.0 percent, following an increase of 5.3 percent in October and a jump of 12.4 percent in September. The November starts pace of 0.861 million units was up 21.6 percent on a year-ago basis. October was revised to 0.888 million units from the initial estimate of 0.894 million. September was bumped down to 0.843 million annualized units from the prior estimate of 0.863 units. The latest decrease in starts was led by the single-family component while the multifamily component edged down. Home builders still are moderately optimistic about future sales as housing permits rose 3.6 percent to an annual pace of 0.899 million units. | |||||||||||||||||||||
| Definition A housing start is registered at the start of construction of a new building intended primarily as a residential building. The start of construction is defined as the beginning of excavation of the foundation for the building. Why Investors Care | |||||||||||||||||||||
Existing home sales
http://mam.econoday.com/byshoweventfull.asp?fid=456304&cust=mam&year=2013&lid=0
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Highlights
Lack of homes for sale, especially at the low end, are holding down sales of existing homes which are down 1.0 percent in the December report to an annual rate of 4.94 million which is a bit below Econoday's consensus. Supply is severely constrained at 4.4 months at the current sales rate vs 4.8 months in November and compared to 6.4 months in December 2011. Low supply may be bad for sales but it's good for prices which rose 0.8 percent in the month to a median $180,800. The year-on-year gain in the median price, at 11.5 percent in December, trended in the low double digits through the fourth quarter. Details show a dip for single-family home sales in the latest month that was only offset slightly by a gain for condos. Total sales show regional declines in the Midwest and South and show gains for the West and Northeast. This year is expected to be a good one for the residential sector with rising home prices generally expected to be a big plus for the consumer. Though the pace of sales did dip back in December, the trend is still pointing up with sales moving steadily and convincingly higher from the 4.37 million rate back in June. The Dow is moving lower following today's report. Tomorrow housing data will lead off with mortgage purchase applications, which have been very bumpy, and will be followed by FHFA price data where a big gain is expected. Data on new home sales, which have been slowly but steadily building momentum, will be posted on Friday. | |||||||||||||||||||||||||||
Market Consensus before announcement
Existing home sales surged 5.9 percent in November to a 5.04 million annual rate and followed a 1.5 percent rise in October. Existing home sales were up 14.5 percent on a year ago basis, compared to 10.2 percent in October. Hurricane Sandy seems to have had no significant effect on sales where in the Northeast they surged 6.9 percent following a modest decline in October. Sales in the other three regions all showed gains for both November and October as well. Supply fell sharply, to 4.8 months at the current sales rate from 5.3 months in October which was already a multi-year low. | |||||||||||||||||||||||||||
| Definition Existing home sales tally the number of previously constructed homes, condominium and co-ops in which a sale closed during the month. Existing homes (also known as home resales) account for a larger share of the market than new homes and indicate housing market trends. (National Association of Realtors) Why Investors Care | |||||||||||||||||||||||||||
Friday, January 18, 2013
Housing market in December 2013
http://mam.econoday.com/byshoweventfull.asp?fid=456088&cust=mam&year=2013&lid=0
| Housing Starts | ||||||||||||||||||||||||||||||||||||||||||
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Highlights
Housing is still recovering and at moderate levels of activity but December starts suggest that recovery is moving somewhat faster than earlier believed. Housing starts in December rebounded a sharp 12.1 percent, following a dip of 4.3 percent the month before. The December starts pace of 0.954 million units topped analysts' forecast for 0.887 million units and was up 36.9 percent on a year-ago basis. November was revised to 0.851 million units from the initial estimate of 0.861 million. The jump in starts was led by the multifamily component although single-family starts also were up notably. Multifamily starts jumped 20.3 percent after a 6.3 percent decline in November. The single-family component gained 8.1 percent in December after decreasing 3.2 percent the prior month. By region, starts in December were led up by the Midwest region which posted a monthly 24.7 percent jump in starts. Also rising were the Northeast, up 21.4 percent; the West, up 18.7 percent; and the South, up 3.8 percent. Forward momentum continues as housing permits gained 0.3 percent to an annual pace of 0.903 million units. Market expectations for housing permits for December were for 0.910 million units. Housing is adding to the recovery with moderately positive growth although still from relatively low levels of activity. A caveat about the numbers is that seasonal factors are large during winter months and this may be coming into play. | ||||||||||||||||||||||||||||||||||||||||||
Market Consensus before announcement
Housing starts in November declined 3.0 percent, following an increase of 5.3 percent in October and a jump of 12.4 percent in September. The November starts pace of 0.861 million units was up 21.6 percent on a year-ago basis. October was revised to 0.888 million units from the initial estimate of 0.894 million. September was bumped down to 0.843 million annualized units from the prior estimate of 0.863 units. The latest decrease in starts was led by the single-family component while the multifamily component edged down. Home builders still are moderately optimistic about future sales as housing permits rose 3.6 percent to an annual pace of 0.899 million units. | ||||||||||||||||||||||||||||||||||||||||||
| Definition A housing start is registered at the start of construction of a new building intended primarily as a residential building. The start of construction is defined as the beginning of excavation of the foundation for the building. Why Investors Care | ||||||||||||||||||||||||||||||||||||||||||
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