New U.S. single-family home sales rose unexpectedly in April to notch their second straight month of gains and prices increased, according to a government report on Tuesday that offered some hope for the stagnant housing market.
The Commerce Department said sales increased 7.3 percent to a seasonally adjusted 323,000 unit annual rate, the highest level since December, from a slightly upwardly revised 301,000-unit pace in March.
Economists polled by Reuters had forecast new home sales unchanged at a previously reported 300,000-unit rate. All four regions recorded gains in sales, with the West reporting a 15.1 percent rise.
However, compared to April last year sales were down 23.1 percent.
"It suggests maybe we're beginning to see some signs of stabilization in housing, but it's too early to say we've bottomed out," said Gary Thayer, chief macro strategist at Wells Fargo Advisors in St. Louis, Missouri.
While the report cast a positive light on the housing market, it did little to change perceptions the economy remained mired in a soft patch.
Data ranging so far ranging from retail sales to industrial production have painted a picture of an economy struggling to regain momentum as the second quarter started, with employment only the bright spot.
Manufacturing activity in the central Atlantic region paused in May, after expanding during the previous seven months, according to the Richmond Fed's latest survey, released on Tuesday.
The government is expected to report on Thursday that the economy grew at an annual 2.1 percent rate in the first quarter, according to a Reuters survey, rather than the 1.8 percent pace it estimated last month.
Lots of Homes for Sale
"There's still a tremendous overhang in the housing market, and while new home sales are starting to percolate, that doesn't change the fact that we still have such huge inventory," said Michael Yoshikami, chief investment strategist at YCMNET Advisors in Walnut Creek, California.
An oversupply of used houses and a relentless wave of foreclosed properties are curbing the market for new homes, even as builders are keeping lean inventories.
There were a record low 175,000 new homes available for sale last month, down 2.8 percent from the prior month.
Data last week showed a steep drop in new home construction in April and a dip in sales of previously owned homes.
The Commerce Department report the median sales price for a new home rose 1.6 percent last month to $217,900. Compared with April last year, the median price increased 4.6 percent.
At April's sales pace, the supply of new homes on the market dropped to 6.5 months' worth, the lowest since April last year, from 7.2 months' worth in March.
Tuesday, May 24, 2011
Thursday, May 12, 2011
Spring Breathes Life into Prices
A seasonal uptick in both median prices and inventory has appeared in most metropolitan areas across the country, contradicting earlier price reports, according to Altos Research’s 20-city Composite trends data in April. Price increases are apparent in 24 of the 26 tracked markets, and inventory increases are apparent in 23 of the 26 tracked markets.
The week-over-week median prices have been increasing for a few months now, and the 90-day rolling average is now reflecting the same trend.
“The historical view tells us a seasonal increase in activity is expected at this time of year. Regardless of what’s happening in the economy as a whole, we see a seasonal spike in both median prices and inventory when the country starts to thaw from the winter months,” says the Altos report.
Altos’ national index median price rose to $440,194 in April, up 1.82 percent from $432,307 in March. The leaders in the price increase category were in “Sunshine States”—San Francisco (4.87 percent), San Jose (4.32 percent), Phoenix (3.30 percent), Denver (3.23 percent), and DC (3.04 percent).
Austin, Boston, Philadelphia, San Francisco, and Washington D.C. all showed double-digit inventory increases and Boston posted the biggest inventory increase at 19.18 percent. The 7-day and 90-day averages are both trending upwards for median prices and inventory. The 7-day trends are always the first indication of a shifting market and should be watched closely.
Prices were flat in New York, Philadelphia, Portland, Salt Lake City, Seattle, and Tampa. Las Vegas and New York were the only markets showing a decrease in inventory, and the decreases were modest (-1.05 percent and -0.26 percent, respectively). Compared to the big price drops over the past six months, this is welcome news for sellers.
The Altos Research Real-Time Housing Report provides up-to-the-minute data relative to housing market conditions in major markets around the nation. The Altos report uses metrics associated with active residential property listings to deliver real-time information
The week-over-week median prices have been increasing for a few months now, and the 90-day rolling average is now reflecting the same trend.
“The historical view tells us a seasonal increase in activity is expected at this time of year. Regardless of what’s happening in the economy as a whole, we see a seasonal spike in both median prices and inventory when the country starts to thaw from the winter months,” says the Altos report.
Altos’ national index median price rose to $440,194 in April, up 1.82 percent from $432,307 in March. The leaders in the price increase category were in “Sunshine States”—San Francisco (4.87 percent), San Jose (4.32 percent), Phoenix (3.30 percent), Denver (3.23 percent), and DC (3.04 percent).
Austin, Boston, Philadelphia, San Francisco, and Washington D.C. all showed double-digit inventory increases and Boston posted the biggest inventory increase at 19.18 percent. The 7-day and 90-day averages are both trending upwards for median prices and inventory. The 7-day trends are always the first indication of a shifting market and should be watched closely.
Prices were flat in New York, Philadelphia, Portland, Salt Lake City, Seattle, and Tampa. Las Vegas and New York were the only markets showing a decrease in inventory, and the decreases were modest (-1.05 percent and -0.26 percent, respectively). Compared to the big price drops over the past six months, this is welcome news for sellers.
The Altos Research Real-Time Housing Report provides up-to-the-minute data relative to housing market conditions in major markets around the nation. The Altos report uses metrics associated with active residential property listings to deliver real-time information
Tuesday, May 10, 2011
During a Tornado, Run, Don’t Gawk!!
One video circulating in cyberspace—shot by a 12-year-old boy with his cell phone in the back seat of his vehicle—shows a tornado closing in on a family driving in North Carolina last month —right up until the tornado hits them.
Another shows a tornado closing in on a Walgreens in Wilson, N.C., shot by a man in the parking lot who seems oblivious to the danger he is in until the last second.
“Hang on—I love you,” he tells his wife as the tornado bears down on him, as if finally realizing he may be moments from death.
The videos startled officials at the National Weather Service. In response, they’ve issued a fresh round of tornado safety tips to counter bad information—or simple ignorance—when it comes to tornado safety.
People seem to be “just clueless” about what to do if a tornado threatens, says Dick Elder, meteorologist-in-charge of the NWS’ Wichita branch.
In response to the tornado outbreaks in the South last month, Elder says “we are saddened and humbled by the number of people who have been killed and injured.”
More than 300 tornadoes recently touched down in six states, killing at least 344 people.
“I am saddened and frustrated at the growing number of lost lives from the recent tornado outbreaks,” says Charlene Miller, assistant director of emergency management for Butler County. “As public servants, we can only go so far. There is a level of personal responsibility that each and every one of us are accountable for.”
Eleven of the tornadoes that touched down were rated EF-4 or EF-5 on the Enhanced Fujita Tornado Scale.
Tornadoes in those categories can be killers even if people take all the proper steps to protect themselves, weather officials note. But far too often, they say, videos showed people doing absolutely the wrong thing as violent weather struck.
“You would look at that and go, ‘My goodness, they’re pretty stupid,’ ” Elder says.
More and more, he comments, the desire to capture a dramatic storm on video seems to be trumping common sense and safety.
Yet others may simply have forgotten what to do. That’s why weather officials are relaying the safety information.
“It’s always a good reminder to tell people where to go to save themselves,” Elder says, commenting that he is still troubled by the video of former Wichita television reporter Gregg Jarrett and his cameraman taking shelter from the weakened Andover tornado under a highway overpass on the Kansas Turnpike in 1991.
The clip recently surfaced on Fox News, where Jarrett works. In the piece, an “expert” on tornado safety says using an overpass for shelter is a good idea—even though weather officials have stated for years that an overpass can be a lethal place to be if a tornado approaches.
“I hate seeing that, because then people will start thinking, ‘Maybe that’s what we should do,’ ” Elder says. Three people were killed in May 1999 in Oklahoma when they took shelter under overpasses during a significant tornado outbreak. The overpasses become wind tunnels and debris collectors as a tornado nears, authorities have noted, making them particularly dangerous.
Tornado Safety
Here are ways you can protect yourself and your family if a tornado threatens:
• Before the storm:
- Develop a plan of action
- Have frequent drills
- Have a NOAA weather radio with a warning alarm tone
- Listen to weather information
- If planning a trip outdoors, listen to forecasts
• In homes or small buildings:
- Go to the basement or an interior room on the lowest floor (i.e., closet or bathroom). Upper floors are unsafe
- Wrap yourself in overcoats or blankets to protect yourself from flying debris
• In schools, hospitals, factories or shopping centers:
- Go to interior rooms and halls on the lowest floor. Stay away from glass-enclosed places or areas with wide-span roofs such as auditoriums and warehouses
- Crouch down and cover your head. Don’t take shelter in halls that open to the south or the west. Centrally located stairwells are another good shelter
• In mobile homes:
- Abandon them immediately and go to a designated shelter or ditch. Most fatalities occur in mobile homes or vehicles.
• In automobiles:
- If possible, get out and go to a sturdy structure or ditch
- If there isn’t time, buckle your seat belt and get below window level of your vehicle
For more information visit www.kansas.com.
Another shows a tornado closing in on a Walgreens in Wilson, N.C., shot by a man in the parking lot who seems oblivious to the danger he is in until the last second.
“Hang on—I love you,” he tells his wife as the tornado bears down on him, as if finally realizing he may be moments from death.
The videos startled officials at the National Weather Service. In response, they’ve issued a fresh round of tornado safety tips to counter bad information—or simple ignorance—when it comes to tornado safety.
People seem to be “just clueless” about what to do if a tornado threatens, says Dick Elder, meteorologist-in-charge of the NWS’ Wichita branch.
In response to the tornado outbreaks in the South last month, Elder says “we are saddened and humbled by the number of people who have been killed and injured.”
More than 300 tornadoes recently touched down in six states, killing at least 344 people.
“I am saddened and frustrated at the growing number of lost lives from the recent tornado outbreaks,” says Charlene Miller, assistant director of emergency management for Butler County. “As public servants, we can only go so far. There is a level of personal responsibility that each and every one of us are accountable for.”
Eleven of the tornadoes that touched down were rated EF-4 or EF-5 on the Enhanced Fujita Tornado Scale.
Tornadoes in those categories can be killers even if people take all the proper steps to protect themselves, weather officials note. But far too often, they say, videos showed people doing absolutely the wrong thing as violent weather struck.
“You would look at that and go, ‘My goodness, they’re pretty stupid,’ ” Elder says.
More and more, he comments, the desire to capture a dramatic storm on video seems to be trumping common sense and safety.
Yet others may simply have forgotten what to do. That’s why weather officials are relaying the safety information.
“It’s always a good reminder to tell people where to go to save themselves,” Elder says, commenting that he is still troubled by the video of former Wichita television reporter Gregg Jarrett and his cameraman taking shelter from the weakened Andover tornado under a highway overpass on the Kansas Turnpike in 1991.
The clip recently surfaced on Fox News, where Jarrett works. In the piece, an “expert” on tornado safety says using an overpass for shelter is a good idea—even though weather officials have stated for years that an overpass can be a lethal place to be if a tornado approaches.
“I hate seeing that, because then people will start thinking, ‘Maybe that’s what we should do,’ ” Elder says. Three people were killed in May 1999 in Oklahoma when they took shelter under overpasses during a significant tornado outbreak. The overpasses become wind tunnels and debris collectors as a tornado nears, authorities have noted, making them particularly dangerous.
Tornado Safety
Here are ways you can protect yourself and your family if a tornado threatens:
• Before the storm:
- Develop a plan of action
- Have frequent drills
- Have a NOAA weather radio with a warning alarm tone
- Listen to weather information
- If planning a trip outdoors, listen to forecasts
• In homes or small buildings:
- Go to the basement or an interior room on the lowest floor (i.e., closet or bathroom). Upper floors are unsafe
- Wrap yourself in overcoats or blankets to protect yourself from flying debris
• In schools, hospitals, factories or shopping centers:
- Go to interior rooms and halls on the lowest floor. Stay away from glass-enclosed places or areas with wide-span roofs such as auditoriums and warehouses
- Crouch down and cover your head. Don’t take shelter in halls that open to the south or the west. Centrally located stairwells are another good shelter
• In mobile homes:
- Abandon them immediately and go to a designated shelter or ditch. Most fatalities occur in mobile homes or vehicles.
• In automobiles:
- If possible, get out and go to a sturdy structure or ditch
- If there isn’t time, buckle your seat belt and get below window level of your vehicle
For more information visit www.kansas.com.
Saturday, May 7, 2011
Bin Laden's hiding place: a $1 million compound
Unquestionably, the most interesting piece of real estate on the entire planet today is the "mansion" compound where Osama bin Laden was found.
As the New York Times reported, "It was hardly the spartan cave in the mountains that many had envisioned as bin Laden's hiding place. Rather, it was a mansion on the outskirts of the town's center, set on an imposing hilltop and ringed by 12-foot-high concrete walls topped with barbed wire.
"The property was valued at $1 million, but it had neither a telephone nor an Internet connection," the Times wrote. "American officials believed that the compound, built in 2005, was designed for the specific purpose of hiding bin Laden."
The Los Angeles Times has published a graphic showing property details, as well as satellite images from before and after the compound was built.
The Associated Press reported that a doctor, Qazi Mahfooz Ul Haq, sold the land in 2005 where the compound was built, and The Telegraph reports that the contractor who allegedly built the complex, named in reports as Gul Muhammad, has been arrested near Abbottabad, Pakistan.
The man listed as the buyer of the property may have been killed in the U.S. raid, AP also reported. There is a photo of the compound, and a Guardian article discusses bin Laden's family background in building and architecture.
http://www.telegraph.co.uk/news/picturegalleries/worldnews/8491858/Osama-bin-Laden-the-compound-in-Abbottabad-Pakistan-where-the-al-Qaeda-leader-lived.html
As the New York Times reported, "It was hardly the spartan cave in the mountains that many had envisioned as bin Laden's hiding place. Rather, it was a mansion on the outskirts of the town's center, set on an imposing hilltop and ringed by 12-foot-high concrete walls topped with barbed wire.
"The property was valued at $1 million, but it had neither a telephone nor an Internet connection," the Times wrote. "American officials believed that the compound, built in 2005, was designed for the specific purpose of hiding bin Laden."
The Los Angeles Times has published a graphic showing property details, as well as satellite images from before and after the compound was built.
The Associated Press reported that a doctor, Qazi Mahfooz Ul Haq, sold the land in 2005 where the compound was built, and The Telegraph reports that the contractor who allegedly built the complex, named in reports as Gul Muhammad, has been arrested near Abbottabad, Pakistan.
The man listed as the buyer of the property may have been killed in the U.S. raid, AP also reported. There is a photo of the compound, and a Guardian article discusses bin Laden's family background in building and architecture.
http://www.telegraph.co.uk/news/picturegalleries/worldnews/8491858/Osama-bin-Laden-the-compound-in-Abbottabad-Pakistan-where-the-al-Qaeda-leader-lived.html
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