Sales of Existing U.S. Homes Increase to Highest Since 2009
Source: Bloomberg
by Michelle Jamrisko
June 22, 2015 — 10:00 AM EDT
Previously owned U.S. homes sold in May at the fastest pace since November 2009, driven by first-time buyers and indicating budding momentum in the residential real estate market.
Closings on existing properties, which usually occur a month or two after a contract is signed, rose 5.1 percent to a 5.35 million annualized rate, the National Association of Realtors reported Monday in Washington. The median forecast in a Bloomberg survey called for a 5.26 million pace. The share of first-time buyers matched the highest level since September 2012.
Employment gains, rising incomes and still-cheap borrowing costs are combining to propel sales after a period of uneven demand from late 2014 through early this year. The prospect of higher interest rates as the Federal Reserve considers tighter monetary policy may be encouraging more Americans to take the homeownership plunge.
“Incomes are doing better and more people are working,” said Stephen Stanley, chief economist at Amherst Pierpont Securities LLC in Stamford, Connecticut. Stanley correctly forecast May sales. “I would imagine we’ll continue to see better demand from first-time buyers.”
Read more: http://www.bloomberg.com/news/articles/2015-06-22/sales-of-existing-u-s-homes-rose-in-may-to-highest-since-2009
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jtuck004
(15,882 posts)ass clown...
The vast majority of those are going to investors as we turn this in to a rental nation, on it's way to no one caring what happens to a country they no longer own.
http://www.doctorhousingbubble.com/renting-in-feudal-america-renting-new-american-dream-incomes-study-data/
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Renting in feudal America: The new American Dream. The incredible momentum to renting continues even after many years of economic recovery.
I’ve lovingly called the new movement of people leasing homes as Rental Armageddon. A truly first world problem between buying an inflated crap shack or having to rent a property. God forbid you have to lease a place. People quickly lose perspective and that is largely one of the reasons we oscillate between booms and busts in real estate. But the data is very clear and that is, we are in a deep renting trend. We’ve added 10 million renter households in the last decade while being net neutral on adding homeowner households. That is a big deal. The housing market is also facing some massive demographic headwinds. Younger buyers are cash strapped and home builders realize this (this is why home building is lagging the mania because builders realize the demand is for rentals, even higher cost places). Also, you have Taco Tuesday baby boomers entering the twilight of their lives and they certainly won’t be upgrading their properties. A recent study by the Urban Institute sheds some light on this renting trend. There are some serious demographic and economic headwinds favoring the renting trend. One key finding is that for the next 15 years, rental household formation is going to outpace homeownership formation. Let us see where things stand today.
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Later,when they don't vote for your school bond because no one owns anything anymore, live their lives indebted to the greedy, and feel no connection to your country, this will help explain why.
All on purpose so the bank$ter/donors stay healthy on the backs of about 100 million Americans, by policy, explained here:
http://thedailyshow.cc.com/extended-interviews/z9b8f1/timothy-geithner-extended-interview
Where Timothy "Killer" Geithner tries to spin what he did to the American people as anything but theft. And voters laugh AT his face for trying to spin it otherwise.
Fred Sanders
(23,946 posts)And house sales are rising and prices have more than fully recovered...objectively speaking.
Individuals cases...are individual cases.
Thanks, Obama.
Again.
