Issued at 500 AM HST Fri Aug 23 2024
Day: August 23, 2024
New Home Sales Suddenly Soared In July… Prices Jumped As Mortgage Rates Tumbled
New Home Sales Suddenly Soared In July… Prices Jumped As Mortgage Rates Tumbled
US new home sales soared by 10.6% MoM in July (the most since Aug 2022), five standard deviations above expectations…
…which pulled sales up 5.6% YoY…
Source: Bloomberg
That unexpectedly massive surge pushed new home sales SAAR up to 739k – its highest since May 2023 (just shy of Feb 2022)…
Source: Bloomberg
Bear in mind that the last three months have seen massive upward revisions for new home sales data (which is very much not the norm of the last few years)…
Source: Bloomberg
…as mortgage rates have tumbled back below 7.00%…
Source: Bloomberg
The pickup in sales allowed builders to make a dent in inventory last month, which fell to the lowest level since the start of the year.
Nonetheless, the 462,000 homes for sale is still near the highest since 2008.
At the current sales rate, that represents 7.5 months of supply, the lowest since September but above pre-pandemic levels.
But the median price of a new home rose once again (and back higher than used home prices)…
Source: Bloomberg
…and we are sure that Kamala’s new plan to increase homeownership will really help that!
Tyler Durden
Fri, 08/23/2024 – 10:34
Hurricane Gilma Public Advisory
…GILMA SLOWLY WEAKENING OVER OPEN WATERS…
As of 5:00 AM HST Fri Aug 23
the center of Gilma was located near 17.4, -126.8
with movement W at 8 mph.
The minimum central pressure was 962 mb
with maximum sustained winds of about 115 mph.
Hurricane Gilma Forecast Advisory
Issued at 1500 UTC FRI AUG 23 2024
Personnel is Policy for Kamala Harris
While Kamala Harris has not said much about her proposals for US foreign policy, her associations and likely appointments speak very loudly for the continuation of promoting international conflict and domestic surveillance against dissent.
Thousands of Years Later, Price Controls Are Still a Bad Idea
In 301 AD, Roman emperor Diocletian implemented price ceilings on over 1,200 goods. His edict shows that not much has changed regarding the politics and economics of price controls.
Trans advocate Roxy Tickle wins discrimination case after being banned from women-only app Giggle in Australian court
“Unfortunately, we got the judgement we anticipated. The fight for women’s rights continues.”
NewsWare’s Trade Talk: Friday, August 23 | NewsWare‘s Trade Talk
S&P Futures are indicating a higher opening this morning. Fed Chairman Jerome Powell to speak today, he unlikely to provide significate comments on the economy that has not already been said. The head of the BOJ delivered a speech that calmed markets fears as he indicated that the BOJ is not in a rush to raise rate but noted that they are watching markets closely. Earnings were mostly positive last night with eps beats from CAVA & WDAY. General Motors and Uber are teaming up on a robo-taxi service. In Europe, markets are displaying gains and oil prices are higher by 1% this morning.
Kamala’s Maduro Plan: #ComradeKamala Wants To Raise Taxes By $5,000,000,000,000
by Michael Snyder, The Economic Collapse Blog: She just can’t help herself. If Kamala Harris was smart, she would not have any specific policy positions. She is not a serious candidate and she should not try to be one. Her best chance of winning to to just wave and smile a lot. When she was running […]
TMZ Admits It Falsely Reported Beyoncé Primetime Performance at DNC
We were wrong. That was the message Friday from TMZ that acknowledged it falsely claimed pop icon Beyoncé would take the stage in Chicago at the Democratic National Convention.
The post TMZ Admits It Falsely Reported Beyoncé Primetime Performance at DNC appeared first on Breitbart.