New Home Sales are Dead

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IR,

Great insight. Your posts are excellent education for me and the prime reason why I got interested in this forum. I hope many readers will appreciate the long hours for your thoughtful postings and contribution.
 
I recall either old home sales or new home sales numbers are coming out in October. Does anyone know which figure it is and on what date?

Thanks
 
irvine123 - Which part? I am the last to find out anything. I usually find out the day I start working on the project. And is the 405 expansion being managed by Caltrans or OCTA?
 
why haven't the August housing numbers been released in the national media yet?

Anyone know date they are going to release the new home sales and existing home sales reports?
 
graph -- I wasn't trying to be a dick. The housing situation is what it is. I don't blame anyone for it, since, as you said, it's Econ 101 (well, except for people who committed outright fraud -- they should be punished).
 
Marty - I agree the fraudsters should be punished. It just seems that it is on the back burner and the MSM really has not caught on to how bad it is. In fact there are two homes that will be bank owned this month in 92602 that were fraudulent purchases.
 
He...I've been following the existing home sales and new home sales numbers since 2005 when I was long in DHI and TOLL.

When the bubble was at the very top they *USED* to release the numbers of the previous month in the first 2-3 business days of the starting month, so if we were still in bubble mode August 2007 numbers would have been released *IN* September 4th or 5th, but now they are released almost 1 month *LATER*, *Why?*.

Releasing 1 month old data is not relevant at all, they are deferring the bad news as much as they can.

It seems to me that they changed this at the beginning of this year.

The existing home sales are released by the NAR (National Association of Realtors)

The new home sales are released by the Feds, I don't remember who exactly does it.
 
www.cnbc.com/id/20772628

Fire Sale: Hovnanian Slices Luxury Home Prices

"The sales blitz involves dropping prices by more 20 percent on some of its prime real estate.

The largest discounts are on the most expensive homes, including a 3-bedroom condominium by the Hudson River in West New York, which has been reduced $240,000, or 22 percent, to $862,000 this weekend. A 25-percent discount is

being offered on a 2-bedroom home in Jackson Township, N.J., which lowers its price tag to $300,501."

Here comes the first wave...
 
I recall what they did to their buyers in Covenant Hills when they blew out the models for ~$700K less than what they sold some for at the peak. Heh.
 
I wold not trust this developer for a single minute....

My bet is that they have a loss leader property......all they are doing in pumping up interest to try and shake out a few fools that get caught up in the excitement and purchase some places at 2005 prices. Each development probably has one unit that will be priced at a favorable valuation, but the developer will not be able to find the key. Probably a lot of booze, beer and wine to get people losened(sp) for the kill.
 
Very interesting points raised in this article. www.cnbc.com/id/2077894

This was very reason that I did not buy in the IE. When my wife and I went out there, we saw a lot of groups of 10 or more walking the model homes. That kinda of freaked me out, especially because a lot of the communities in the IE are not "planned"
 
I'm pretty sure that I saw that at The Retreat in Santa Ana where Shea has been building some big homes next to the 5 Fwy.

[And for those jumping to conclusions, some of these families were not Hispanic.]
 
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