Brett Farve Signs with the Vikings!
Pendings Up, Sales Up, Overall Listings Slide
AWC continue to grow; not necessarily a positive.
Pending Sales: 12,652 ( +284 from last week)
Pending SFam: 11,236 ( +231 from last week)
AWC: 6,013 ( +186 from last week)
AWC SFAM: 5,330 ( +152 from last week)
Closed: 1,664 ( +252 from last week)
Closed SFam: 1,479 ( +236 from last week)
Active Listings: 31,316 ( -230 from last week)
Active SFam: 24,078 ( +14 from last week)
CLOSED MTD: 3,257
Closed SFam: 2,879
Statistics for the week don't tell us a lot; the closings continue to show strength, putting us on track for 8000+ closings in the month in all likelihood. Overall listings fell again, but single family stayed stable. Either condos are starting to sell, or there are a few more foreclosures making an appearance. I will let a few more weeks go by before I do a detailed analysis of this. The national new housing sales is actually positive, with overall starts down, but single family starts were actually higher. This being reported as negative news is baffling certainly apartment construction contributes to economic activity, but reporting it in the context that housing starts are down, because apartment construction is down, is deceiving. Beazer, Fulton, DR Horton, and Toll Brothers could care less if apartment construction dropped to zer0; in fact they might like it, as it denotes how consumers view economic conditions. If they feel good about the long term, they will buy homes, if they are unsure, there is more demand for rental properties. I have always been baffled by the combination of these two statistics.
The statistics show we are still in recovery, albeit with one that there are still significant numbers of foreclosures out there. We still see the AWC category reaching new records each week, due to short sale contracts piling up. At some point, these short sales must start closing. Only 535 of the closings this month are short sales so far. These are starting to jam up the system, and the banks need to do a better job of clearing these.
Most importantly this week, and quite honestly the reason I won't be doing a lot of in-depth analysis, is that Brett Favre signed with the Vikings, and I am just too excited about the season to do much analysis today. So between that, and the mid- month point we are at, this is going to be an abbreviated post. It looks like we are still doing well, and will probably continue to do well into September. The Vikings will start doing well in September. Go Vikes!
chris
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