May Home Sales, Politics, and Policy
Here are the (preliminary) final numbers for May home sales as reported by the broker members of the CAAR MLS. These numbers may change slightly as agents may be tardy on reporting within the required time frame mandated by the MLS.
Good news. Home sales rebounded from a dismal performance in April. The 401 closed home sales in May were off by only 3 from May 2007. Additional good news is the median sale price increased by 2.6% over May of '07.
The not so good news is that pending listings were down by 98, or by 19.7% which means June closings look to be down. The days on market for sold listings from last May were up to 82 days. The number of home listings continue at record pace with 1965available for sale today, not counting homes for sale by owner or by builder.
Through the first five months of 2008 closed home sales are down by 223 or by 13.7%, while sales pending are off by the same 13.7% however by 303 pending listings. Average days on the market are up to 89 days.
Opposite what one would believe with sales down, record numbers of homes for sale, and days on the market taking longer for those selling, the median sale price was up 4.79% the first five months of '08 over '07.
Friday June 6 was not a good day on the economic front. Unemployment rose to 5.5%, the stock market fell 394 points, and the price of oil surged to a record $140 a barrel. The good news is that many experts predict that oil prices are in a bubble that will burst. This is one time I hope the experts are right.
Hopefully the American people will get so infuriated with their congressmen and senators for being the primary cause for oil prices, that they all start a flood of calls to D.C. demanding our government allow drilling of our own oil reserves now, and provide regulatory relief to oil companies that are stuck in the bureaucratic mud of D.C. attempting to build refineries that would increase gasoline production.
Thank God the senate defeated the global warming legislation that would deal a death blow to the economy. The only problem is both presidential candidates support this legislation that would render the largest tax increase on business in history. If you believe prices are high now, you ain't seen nothing yet.
Just as the American people rallied together in protest of the Amnesty legislation for illegal immigrants, we can only hope the people will rally to stop the insane energy policies, and moronic global warming legislative initiatives. Otherwise you can kiss any hope of a good economy, and recovery in the national housing market good bye.
All indications are that Democrats will increase their numbers in the congress and senate, and that they have a good chance to win the presidency. I don't believe the best interests of the country will be served by one party controlling all three branches of government.
Recent history shows that when the Republicans controlled all three branches, spending increased one trillion dollars mushrooming the national debt. This has caused the Republicans a great deal of harm and loss of trust to govern among the public, and rightfully so.
All one has to do is look to Illinois where Democrats control all branches of government to see what a dysfunctional, spend happy, power drunk one party rule can cause.
The threats to the economy in the state are significant with the legislature passing a budget billions of dollars in the red with their vote buying, entitlement growing, spending proposals. I fear the state of Illinois is but a small sample of what would happen when the entitlement promising Obama gets elected, creating grave damage by government to the private sector.
The best hope for the American people would be the failure of Democrats to either win the White House, or gain 60 votes in the senate. The result would be gridlock. When government can't pass legislation, only then will we be safe.
I am asked regularly how long will the housing market be in a slowdown? My answer; as long as we keep electing people that believe in bigger government, higher taxes, more regulation, more entitlements, and pander to environmentalists over the good of the country, which means there's no light at the end of the tunnel.
Good news. Home sales rebounded from a dismal performance in April. The 401 closed home sales in May were off by only 3 from May 2007. Additional good news is the median sale price increased by 2.6% over May of '07.
The not so good news is that pending listings were down by 98, or by 19.7% which means June closings look to be down. The days on market for sold listings from last May were up to 82 days. The number of home listings continue at record pace with 1965available for sale today, not counting homes for sale by owner or by builder.
Through the first five months of 2008 closed home sales are down by 223 or by 13.7%, while sales pending are off by the same 13.7% however by 303 pending listings. Average days on the market are up to 89 days.
Opposite what one would believe with sales down, record numbers of homes for sale, and days on the market taking longer for those selling, the median sale price was up 4.79% the first five months of '08 over '07.
Friday June 6 was not a good day on the economic front. Unemployment rose to 5.5%, the stock market fell 394 points, and the price of oil surged to a record $140 a barrel. The good news is that many experts predict that oil prices are in a bubble that will burst. This is one time I hope the experts are right.
Hopefully the American people will get so infuriated with their congressmen and senators for being the primary cause for oil prices, that they all start a flood of calls to D.C. demanding our government allow drilling of our own oil reserves now, and provide regulatory relief to oil companies that are stuck in the bureaucratic mud of D.C. attempting to build refineries that would increase gasoline production.
Thank God the senate defeated the global warming legislation that would deal a death blow to the economy. The only problem is both presidential candidates support this legislation that would render the largest tax increase on business in history. If you believe prices are high now, you ain't seen nothing yet.
Just as the American people rallied together in protest of the Amnesty legislation for illegal immigrants, we can only hope the people will rally to stop the insane energy policies, and moronic global warming legislative initiatives. Otherwise you can kiss any hope of a good economy, and recovery in the national housing market good bye.
All indications are that Democrats will increase their numbers in the congress and senate, and that they have a good chance to win the presidency. I don't believe the best interests of the country will be served by one party controlling all three branches of government.
Recent history shows that when the Republicans controlled all three branches, spending increased one trillion dollars mushrooming the national debt. This has caused the Republicans a great deal of harm and loss of trust to govern among the public, and rightfully so.
All one has to do is look to Illinois where Democrats control all branches of government to see what a dysfunctional, spend happy, power drunk one party rule can cause.
The threats to the economy in the state are significant with the legislature passing a budget billions of dollars in the red with their vote buying, entitlement growing, spending proposals. I fear the state of Illinois is but a small sample of what would happen when the entitlement promising Obama gets elected, creating grave damage by government to the private sector.
The best hope for the American people would be the failure of Democrats to either win the White House, or gain 60 votes in the senate. The result would be gridlock. When government can't pass legislation, only then will we be safe.
I am asked regularly how long will the housing market be in a slowdown? My answer; as long as we keep electing people that believe in bigger government, higher taxes, more regulation, more entitlements, and pander to environmentalists over the good of the country, which means there's no light at the end of the tunnel.
Labels: housing and politics
posted by Fritz Pfister at 3:02 PM
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