Pending home sales data today is a tie-breaker after weaker existing home sales and stronger new home sales in November. Pending home sales rose 1.2% MoM (less than expected) and historical data was revised modestly higher (leaving sales up 5.6% YoY.)
“Favorable conditions are expected throughout 2020,” though supplies still aren’t sufficient to meet healthy demand, Lawrence Yun, NAR’s chief economist, said in a statement.
“Builder confidence levels are high, so we just need housing supply to match and more home construction to take place in the coming year.”
But, thanks to historical revisions, the pending home sales index slipped to 4-month lows.
The increase was led by a rebound in the West, which climbed 5.5%from the prior month. Signings were up 1% in the Midwest and were down in the South and Northeast.
Yesterday, I saw someone barely out of highschool, with poolboy company shirt. He was able to find a newer, subprime, high density mcmcansion, but the fine migrant craftsmanship is already falling apart, before they have completely moved in.
Broodmare, like a wilted cheerleader, is pregnant with number three, had tacky comments to say about me — while they were trying to sell very shabby plywood contraptions for $400.00. Left by the former owner. The abominable plastic row house itself is probably less the 5 years old.
These people are getting chewed up and spat out, rapid fire.
You can literally time the listing, going by how many days, before each legal process in the default.
The statistics on delay time frames between defaulting on a mortgage and actual pysical eviction are telling and remarkable.
Only in some states will non payment get you out of a home in short order. It’s quite common to be able to float 6 months or more after default. It’s common to float 2 years or so. In some states the burden of due process related to default and eviction, callbacks and such, 10 years.
FHA is taking disproportionate losses compared to other gse programs, double digit vs single digit on the standard default rates. Not coincidentally their dti debt to income requirements are much more lenient. Helping the underserved and such nonsense.
We’ll continue to see remarkable adaptation by those seeking to treat taxpayer backed lending systems as a source of non traditional welfare. Hell, call it traditional by this point because there are rings of people well versed at defrauding lenders. I suspect they pick up said skills in the general welfare system through various unintended networking opportunities like forced job training and government housing, if not at the end of the line in an incarcerated state.
Imagine a large family operating as a crime ring within lending. Then think about the limited time frame it takes to ‘rehab’ credit and tap in again. It’s completely plausible that people pass the torch again and again, living rent free under intentional default scenarios for what could literally be a complete lifetime. In Colorado we’ve seen these sorts of characters go 2 years without paying a single bill before eventual default. The sunny side is only 6 months.
Per the housing commentary, yeah, they don’t build them like they used to. I like the ‘home on a scale’ argument. That old brick ranch you remember, now deemed unreasonably small by the must have must have now crowd, that home was built with solid durable weighty materials. Those mcmansions…. How about pressboard support joists with tiny wooden end pieces for technically matching suport. Spaced out studding and thinner pressboard dressings. Prefab couplings and tie ins with ever decreasing density and thickness. Plastic water distribution manifold systems, the list goes on. If you love new housing you can kiss the notion of a great durable maintenance free house goodbye. All the innovations are set in place by national builders and they even profit again by way of passing what was traditionally taxpayer city funded parks roads and utility systems maintenance to homeowners under private and municipal hoa settings. How’s about a higher tax bill and special hoa rules so you can live under the yolk of two governments, the latter one including the old ninnies whom don’t like the way you live, the car you drive, or your real property adapatation choices.
You’ll never see a pink flamingo or elvis statue in the yard again, rv’s will be held in remote storage facilities, privacy fences are not allowed, your dog is finable, and the flag is right out!
Thought provoking commentary Mr World. Nice. Housing is like auto, oldies are the goodies, but you’ll need a substantial investment to keep up with them. People in the new house realm don’t know what is coming years down the line. Those pressboard runners are not going to need just one or two replaced, the whole thing will have to be swapped out, reduced effective age life and all. I treat my home like my autos, I only want an older model, I want less tech and higher durability factors. I’m in it for the utility, not the speculation or wow factor. A to B, place to hang your hat, all of that. The dream is of course, true non separable property rights on land in a location with natural resources like well and the ability to use septic, and low taxation. The liberal meccas are easy to identify, just check the age of the property. Buyer beware.
More more more. The steady mantra of globalists and corporatists.
Demand for whom exactly?
I thought owning your home longer term and escaping the economic yolk known as indebtedness was a good thing.
According to these yahoos, if you’re not consuming and participating in corporate systems, everyone is losing.
Anyone still buying the corporate line in 2020?