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They have been billed as villas, but that would be using the loosest sense of the word. Stretching as far as the eye can see in rows upon rows of arrow-straight uniformity, this development conjures images of a concrete slum or a prison block rather than a plush new housing estate. They are among more than 1,000 grey houses, each spaced just a few feet apart, that have been built in Lingshui County [...] U.S. JUNE NEW-HOME SALES DROP 8.4% TO 350,000 ANNUAL RATE 56 szerohedge‏@zerohedge Average and Median new home price: $273,900 and $242,600: both lowest since January. 1 minzerohedge‏@zerohedge Actual number of new houses sold in the Northeast in June: 1,000. https://twitter.com/zerohedge New York’s Mayor Michael Bloomberg has added two new multi-million dollar properties to his already extensive real estate portfolio. America’s richest mayor gave a glimpse of his wealth on Friday, allowing reporters to look at a redacted mock-up of his tax returns and his annual city financial disclosure. The tax returns show the mayor purchased a 33-acre estate in Westchester County in June last year at a cost of $4.55million. The property in [...] by Joe Weisenthal Pundits and bloggers are making predictions all the time, and usually they should just be ignored. Today though, the popular economics blogCalculated Risk published a post called The Housing Bottom Is Here. You should definitely pay attention. Now first, let’s go over the argument. To start, the post makes the obvious — yet all too frequently neglected — pointed that when it comes to housing there are two “bottoms.” The one that relates to [...] By Greg Robb WASHINGTON (MarketWatch) – New construction of U.S. houses jumped in June to their highest level in five months, the Commerce Department estimated Tuesday. Starts rose 14.6% in June to a seasonally adjusted 629,000 annualized units, stronger than the 580,000 pace expected by economists surveyed by MarketWatch. This is the highest level of starts since January. Starts of new single-family homes rose by [...] by ZH While the quant funds are desperately seeking modelers for a “deranged middle east dictator” algo, the US economy continues to prolapse. From the release: “Sales of new single-family houses in January 2011 were at a seasonally adjusted annual rate of 284,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 12.6 percent (±11.2%) below [...] Annualized New Home sales 1996 700,000 If it wasn’t for a lack of context there would be no news. From calculatedriskblog: Ignore all the month to previous month comparisons. May was revised down sharply and that makes the increase look significant. Here is the bottom line: this was the worst June for new home sales on record. The Census Bureau reports New Home [...] First, the total number of NEW houses sold according to the US Census Bureau was 38,000 homes which was up 7,000 houses from March 2009. Many people just looked at the headline number being flashed all around of 411,000 houses and assumed that was for March without comprehending that ONLY 38,000 NEW HOMES WERE IN FACT SOLD IN MARCH 2010. That is an extremely small number and is only around [...] (1) After the war, and (encouraged (i.e. lobbied by the Auto Manufacturers and real estate developers), the Federal government started building roads out to suburbs (I think they paid 80% of the cost) (2) the tax code was structured so that inner cities subsidized suburbs (so the inner cities collapsed) (3) Auto companies bought up trams and closed them down – so people had to have cars (4) the state [...] |
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