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Diffusing downward: another sign that prices are still weak

Diffusion indices —  how many stocks in the S&P 500 rose today or how many cities saw falling home prices last month– are one way some analysts evaluate market conditions.   Most attempts to explain why stocks rose or fell cite the number of winners vs. losers. If we do the same thing with the S&P/Case-Shiller […]

Highlights Of April’s Existing Home Sales

U.S. existing Home sales showed weakness in April in all regions except the Midwest. Below are some of the highlights of April’s Existing Home Sales Report: Existing home sales were down 0.8% based on the completed transactions in April. This decline in sales comes after an increase in March. However, existing sales were down 12.9% […]

Look Under the Hood to Know Homebuilders ETFs

Takeaway:  ITB is a more concentrated ETF play than XHB regarding homebuilder companies. Before I get to talking about homebuilder ETFs, here are a few words about the 2011 spring selling season for new homes. Not good. I see tepid demand with signs of modest traffic for new homes this season, and think prospective buyers […]

Continued Challenges for the U.S. Market: FHFA House Price Index Declines in Feb.

The 1.6% decline in the February FHFA House Price Index indicates that home prices will remain weak. This will likely have a negative effect on the U.S. housing market and the performance of the underlying collateral in U.S. residential mortgage-backed securities. The amount of shadow inventory (which S&P defines as outstanding properties whose borrowers are […]

Housing Starts at 549,000 in March – Maybe a step towards working off excess supply

Housing starts in March were 549,000, up from February and better than the Bloomberg survey expectations.  Single family homes were 422,000, also up from February.  But the big picture is still no real progress.  Starts peaked at the beginning of 2006 at an incredible 2.2 million, slide though the end of 2008 to about 500-600 […]

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