In the Press

/In the Press

False Narratives About The Housing Market Refuse To Die

False narratives about the U.S. housing market refuse to die. Mainstream media and real estate industry shills continue to deflect attention from the complex, but at the same time rather simple reasons behind the lack of housing affordability. Politico author, Lorraine Woellert, offers us a perfect example of everything that is wrong with the U.S. housing market, including the mainstream media reporting on it. I hadn't come across this piece previously, but having  now read it, there are a number of red flags that are worth calling out. Woellert seems appropriately concerned that only wealthy [...]

Denton County Home Sales Continued Sliding In December

Denton County home sales continued their slide in December as the Dallas-Fort Worth real estate market saw a 5th consecutive month of year-over-year declining sales activity. Denton County experienced an 11 percent decline in closed home sales along with a corresponding 11 percent decline in pending home sales activity. The drop in forward-looking contract activity suggests that a spring housing rebound may be a tough proposition. Home prices were still rising in many DFW submarkets in December, including Denton Texas where the average price of a home rose 11 percent to $274,012. Looking at a [...]

Hyper-Financialized DFW Housing Market Will Get Worse

The National Association of Realtors reported pending home sales for November slid 7.7 percent compared to a year ago. Of course the headline you probably saw in the media was the 0.7 percent drop compared to October's decline in contract signings. With the stock market poised to finish one of the worst Decembers in recent memory, you can rest assured the hyper-financialized Dallas-Fort Worth housing market is going to get worse before it fully recovers. Chief economist, Lawrence Yun, attempted to diffuse concerns about sliding sales numbers in November in NAR's latest press release, but [...]

U.S. Existing Home Sales Down Seven Percent In November

The National Association of Realtors reported existing home sales for November at a seasonally adjusted annual rate (SAAR) of 5.32 million. This was up slightly from October but still down seven percent compared to the same time last year. The spike in mortgage interest rates was still lingering over the real estate market in November. The median price of an existing home sold in November was $257,700 in November, a rise of 4.2 percent year-over-year and the 81st consecutive month of year-over-year home price increases. The average price of an existing home sold in November [...]

Trendmaker Homes Comes To Dallas Via TRI Pointe Acquisition of Dunhill

California based TRI Pointe Group is expanding its Texas footprint by purchasing Dallas-based Dunhill Homes for a reported $60 million. Dunhill Homes operates in the Dallas-Fort Worth market under the Dunhill and Nathan Carlisle Homes brands. Effective January 1st, Dunhill will begin operating under the Trendmaker Homes brand. Trendmaker Homes was previously part of Weyerhaeuer before the Houston area builder was acquired by TRI Pointe several years ago. Trendmaker builds a number of affordable luxury homes in the Houston and Austin markets. With the absorption of Dunhill Homes, TRI Point will acquire Dunhill's assets, and [...]

Denton County Home Prices Drop As DFW Sees Worst Sales In 7 Years

Denton County home prices slid 2 percent in November as the DFW housing market experienced the worst sales decline in 7 years. The good news is that the sales volume estimates in the official press releases are now more reflective of reality. The bad news is that actual home sales in Dallas-Fort Worth are still rather soft. Home sales in Denton County dropped 9 percent in November, in line with the 8 percent decline seen for DFW. Pending home sales in Denton County slid 3 percent compared to the same time a year ago, slightly [...]

Denton County Home Inventory Rises 30 Percent As Sales Continue To Fall

The number of homes for sale in Denton County Texas is up 30 percent year-over-year in November. This is happening even as the number of closed sales in Denton County continues to decline. In Layman's terms, the housing market has peaked in Denton County Texas. You know your real estate market is due for some softness when the Wall Street Journal explicitly tells you that the housing boom is over. Looking at area inventory levels, you can see that home inventory has actually been rising for more than a year. This is true in Denton [...]

Powell Keeping Federal Reserve’s Waffle House Open For Business

Not more than two weeks after he was touting the strength of the U.S. economy and how we are in such a good place, Fed chairman Jerome Powell, tossed out a slightly dovish speech to the audience at the Economic Club of New York. The title of the event was the 'Federal Reserve's Framework for Monitoring Financial Stability'. They could just as easily called it sticking your finger up in the air to see which way the wind is blowing. While tossing out the typical central banker sound bites, Powell continued the long standing Federal [...]

Amazon.Con – HQ2 Dallas Reality Sets In That City Officials Were Played

The long con is now complete in the beauty contest/con job that was Amazon HQ2. Today Amazon officially announced that Long Island City in New York and Crystal City in Virginia are the two cities where Amazon will construct a 2nd and 3rd headquarters. In a bit of public PR Amazon will also be "investing" in Nashville for a new operations hub. If it weren't crystal clear before, it should now be blatantly obvious that Dallas-Fort Worth officials were played for fools in the horse race to win Amazon's tax incentive beauty contest. Cities across [...]

Denton County Home Sales Continue Sliding In October

Denton County Texas home sales continued to slide in October as the real estate market softened throughout the Dallas-Fort Worth area. Closed sales in Denton County fell roughly 8 percent for the month of October compared to last year. This is slightly worse than the 6% sales decline for the Dallas-Fort Worth metro area. Pending single-family home sales in the Denton County area were down about 14 percent for the month of October as the stock market swoon also hit the local housing sector. The official statistical estimate of a 9 percent pending sales decline [...]