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The Masked Tulip

Home Sales Plunge At Fastest Rate In 16 Months

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It seems, despite the Fed's efforts to unscamble the treasury complex's eggs, that the rate shock of a taper/no-taper decision has become sticky in the housing market. With the fast money exiting, existing home sales missed expectations for the 4th month in a row - dropping to the lowest annualized number since June (very much against the trend in recent years). This is the biggest month-over-month drop in existing home sales since June 2012 but, of course, NAR has an excuse... "low inventory is holding back sales." So, in other words, they could sell loads more houses if only there were more available for sale (or prices were lower...)...

http://www.zerohedge.com/news/2013-11-20/home-sales-plunge-fastest-rate-16-months

Edited by The Masked Tulip

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Not sure how much this related to the UK. I think house prices state side are looking very reasonable. I find it funny that some of the commentators are still talking about HPC in the U.S.! Didn't they have theirs already?

The US had its crash but Bernanke's friends on Wall Street managed to reflate the bubble in a number of metro areas with their QE winnings.

redfin-price.jpg

The recent rise in long term rates seems to have put paid to that, leaving home owners unable to re-finance at lower rates for the first time in more than a decade.

Frank Nothaft, Freddie Mac Chief Economist: – With the close of 2013 will also come a major transition in the housing finance industry. For the first time since 2000, we’re going to see the mortgage market dominated by purchase activity as the refinance share drops below 50 percent. And with mortgage rates rising, we’re also going to see the home-sales gains as well as the impressive house price growth begin to moderate to more sustainable levels.

monthly+issuance+of+mortgage+bonds.png

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