Wednesday, 1 April 2009

A US housing market recovery?

Here is a lesson on the dangers of relying on monthly growth rates. The February US pending home sales index increased 10.2 percent compared to January. However, the index is down over 6 percent year-over-year.

It doesn't look like a recovery to me.

11 comments:

Anonymous said...

Is this seasonally adjusted data?

London estate agent said...

It looks like there is a gentle upward trend there.

Alice Cook said...

not seasonally adjusted.

Anonymous said...

LES: "It looks like there is a gentle upward trend there."

Or repossessions are moving 'upmarket'.

Anonymous said...

Dead cats bounce in the Spring.

B. in C.

OSR said...

48% of the pending sales reported are foreclosures. Most reports omitted that little tidbit.

Anonymous said...

Any nice pictures of the British housing market? Any chance of a nice chart for the London housing market?

AC said...

Gordon Brown is so mental he can't except that there was a boom bust housing and credit bubble that he created:

http://www.youtube.com/watch?v=u9sO25aFjDs&feature=player_embedded

Man in a Shed said...

Say hello to inflation.

Of course there a very large amount of deferred demand in the system. People moving jobs, expanding families etc who will have been putting of purchases.

Price stability is likely to encourage them into the market.

The fundamentals of the economy are another matter all together.

Anonymous said...

A recovery wouldn't look like a recovery to you, Alice.

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