Comments on: Mr Mortgage – May Existing Home Sales Preview

By: CA Renter

CA Renter — Fri, 27 Jun 2008 23:56:57 +0000

I saw the 18.1% headline and was confused as well. I believe they removed “new home sales” from their data to make the numbers look rosier. Beyond the headline this is what the article states:

“Statewide home resale activity increased 18.1 percent from the revised 358,640 sales pace recorded in May 2007.”

According to the Data Quick report total sales are down 10.7% May last year:

“A total of 33,024 new and resale houses and condos were sold statewide last month. That was up 6.0 percent from 31,150 in April and down 10.7 percent from 36,975 for May last year. Last month’s total made for the slowest May since 1995 when 32,223 homes sold.”

I think what’s hidden in the CAR report is that “new home sales” are pretty much non-existent compared to a year ago. I’m no expert, but that’s what it looks like to me.

By: Marc Authier

Marc Authier — Fri, 27 Jun 2008 07:33:27 +0000

Wow wee ! It means that real estate sales are NIL ?
In reality there were no sales in april and may.
This is depression stuff.

By: admin

admin — Fri, 27 Jun 2008 03:11:05 +0000

WTF – This one is for you.

Do you know how many auciton and courthouse REO sold in CA last month? If you did you would not have made that comment.

97.7% of all homes at auction went back to the bank in May. 98% in April. Only about 1000 homes sold at the ‘foreclosure auction’ in May so your point is worthless.

By: WTF

WTF — Thu, 26 Jun 2008 23:49:30 +0000

I noticed you moderate, do you have the balls to let my post through?

By: WTF

WTF — Thu, 26 Jun 2008 23:46:35 +0000

Mr. Mortgage,

You are a sham. I am embarrassed for you.

First, DQ does NOT count auction and courthouse REO sales in their numbers, nice try.

Second, you want to back MLS REO sales out of sales, but then compare the burn rate to inventory that includes MLS REO inventory, wtf?

I could go on, but I don’t need to. I can’t believe anyone gave you airtime other than youtube.com

Forever Yours,
WTF

By: Toby

Toby — Thu, 26 Jun 2008 18:29:33 +0000

>>Actually if you read closer they never said CA housing sales were up 18%. They said ‘a local real estate group in CA said sales were up 18%’. Great spin. WTF is a ‘local realtor group in CA’.<<

I am certainly not defending these clowns, but it wasn’t a local group making the claim. It was the state association:

http://www.car.org/index.php?id=Mzg1MzE=

They do appear to be using an annualized rate, but that still does not jibe with May 2007 numbers.

By: evil-A

evil-A — Thu, 26 Jun 2008 17:23:09 +0000

and the rate cuts did very little if anything to help people refi anyway, most of them were or are so underwater no one will refi them….all it did was push people who had a bit of money to the edge with higher prices. The markets should have been left to correct, the people who prepared for this or did not spend more than they made would have been fine, and the people who deserved it would have lost out. The help is only been for the very wealthy – great, ah….Rome is Burning, guys,…hello?

By: Mark in San Diego

Mark in San Diego — Thu, 26 Jun 2008 16:16:24 +0000

The market is voting today on Bernake, and he failed. . .if he had raised interest rates .25, oil would have gone down $20 a barrel. . .OPEC said today it was the weak dollar that is causing the problem, and I would have to agree. . .the housing market is dead anyway, so raising short term rates would actually help long term rates, but Bernake is in WAY over his head. . .when the history books are written, he will get a lot of the blame.

By: Marc Authier

Marc Authier — Thu, 26 Jun 2008 14:25:03 +0000

Still the median price in DOWN 35%. Realtors are psychopath liars. Anyways who cares today ?

There are rumours this morning on Bloomberg, that General Motors is on the brink of bankruptcy. The stock is crashing anyways. James Chanos says that GM won’t be able to finance and cover up over its car problems but also its mortgage lending problems. This thing like Ford is going to zero.

By: admin

admin — Thu, 26 Jun 2008 05:19:50 +0000

Actually if you read closer they never said CA housing sales were up 18%. They said ‘a local real estate group in CA said sales were up 18%’. Great spin. WTF is a ‘local realtor group in CA’.

“On Wednesday there was some good news for California, which has been one of the hardest hit states in the housing crisis, when a local realtor group said that sales there jumped 18% in May compared to May 2007.”