After new- and existing-home sales tumbled, it should have been no surprise that pending home sales dropped in April.
Every year, states across the country compete with each other for people and their wealth as millions of Americans move between states. The stakes are large. A growing population for the winners means an increasing tax base, economic growth and investment. For the biggest losers, it means more difficulties in paying down debts, higher taxes and fewer investments for the future.
After dismal earnings by such mammoth retailers as Walmart, Targets and this morning’s “horror report” by Abercrombie and Fitch, on Tuesday afternoon we actually got a solid report by Nordstrom, which not only printed strong earnings but also hiked guidance sending the stock higher as much as 12%.
Newsfeed: US Middle Class Is Shutting Down As Spending By The Rich Remains Robust Read More »
The Census Bureau reports New Home Sales in April were at a seasonally adjusted annual rate (SAAR) of 591 thousand.
Amid a slew of disappointing US Macro data, preliminary May US PMIs were expected to show slowdowns in btoh manufacturing and services, and the actual prints were worse than expected
Newsfeed: US PMIs Disappoint In May, Signal Growing Stagflation Fears Read More »
Following the unexpectedly large decline in existing home sales (directionally not unexpected given the surge in mortgage rates, plunge in mortgage apps, slump in homebuilder sentiment, drop in building permits, and weakening in labor market signals that are emerging), analysts expected new home sales to slide 1.8% MoM in April.
Newsfeed: US New Home Sales Collapse In April Read More »
Last year, I pointed out that the foreclosure moratorium, combined with the expiration of a large number of forbearance plans, would NOT lead to a surge in foreclosures and impact house prices …
Wednesday will mark the 100th trading day of 2022, a year that will likely be remembered for its historic market turbulence as the megacap tech stocks that had dominated the market for so long collapsed in what has been the most punishing retrenchment since the dot-com bust.
We are seeing a significant change in inventory, but no surge in new listings. This means the increase in inventory is due to a decrease in demand, likely because of higher mortgage rates.
Newsfeed: Final Look at Local Housing Markets in April Read More »
Scott Minerd, chief investment officer at Guggenheim, tells CNBC that if he was given $10,000 with a five year investment horizon he would not invest in stocks but would probably put the money into art or real estate.
Newsfeed: Scott Minerd Says Art and Real Estate Top Stocks for 5-Year Horizon Read More »