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U.S. New Home Sales Flat In February

The Census Bureau reported new home sales for February at a seasonally adjusted annual rate of 618,000. This was slightly below expectations, but January was revised significantly higher so month over month the change was negligible. Compared to last year new home sales in February were up less than one percent. The median price for a new home contracted (signing of contract, not actually closing) was $326,800 while the average price of a new home last month posted at $376,700. The supply of new homes stood at 5.9 months in February, near the top of [...]

By |2018-03-23T18:29:05+00:00March 23rd, 2018|Collin County Home Prices, Dallas Tx Home Prices, Denton County Home Prices, Denton County Real Estate, Denton Tx New Homes, DFW Home Prices, DFW Real Estate, Economy, Markets, Mortgage Rates, New Home Sales, Real Estate, Texas Home Prices|0 Comments
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Why Is The Fed Protecting The Stock Market?

The $11 billion increase in the System Open Market Account Holdings report for February 14 has caught the attention of a number of intelligent market watchers for obvious reasons. The Federal Reserve is purportedly in the midst of a significant balance sheet normalization process whereby they are (and plan to to continue) selling large amounts of Treasuries and agency mortgage-backed securities. After amassing a portfolio of over $4.4 trillion, the Fed has used that massive hedge fund to artificially suppress interest rates and foster some serious asset inflation. The Fed was not alone in this [...]

By |2018-05-12T00:51:24+00:00February 17th, 2018|Denton County Real Estate, DFW Real Estate, Housing Policy, In the Press, Markets, Mortgage Rates, Politics, Regulation, Spin Cycle, Texas Real Estate|0 Comments
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DC’s Fiscal Lunacy, Fed’s Unwind Creating Waves For Housing Market

The fiscal lunacy in Washington and the Federal Reserve's balance sheet unwind are creating waves for the housing market. 2018 was starting off on the right foot with a noticeable, yet moderate rise in bond yields. As we received more concrete evidence that the Federal Reserve was actually unwinding some of that gigantic balance sheet, volatility erupted pretty quickly. After a 12oo point plunge in the Dow, some savvy mortgage borrowers probably took advantage of the temporary fear in the market to score a decent mortgage rate. It was a small window of opportunity, because [...]

By |2018-09-08T15:50:43+00:00February 8th, 2018|Denton County Real Estate, DFW Real Estate, Economy, Housing Market, In the Press, Markets, Mortgage Rates, Mortgages, Politics, Real Estate, Spin Cycle, Texas Real Estate|0 Comments
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December Jobs Growth Misses, Wage Growth Still Weak

Yesterday I was musing about the expected rise in inflation and bond yields that so many professional pundits and talking heads are expecting in 2018. That's the story being bantered about on various mainstream cable news puppet shows. Today we received another reality check on that "pent up demand" and overheating labor market story as the December Jobs Report painted a rather lackluster finish to 2017. The BLS Employment Situation showed an increase of 148,000 jobs in December. That's the good news from the establishment survey. The Household survey (Table A) showed an increase of [...]

By |2018-05-12T00:53:42+00:00January 5th, 2018|Dallas Tx Employment, Economy, Education, Housing Policy, In the Press, Markets, Politics, Spin Cycle, Video|0 Comments
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Misguided Expectations For Inflation And Bond Yields In 2018

The Federal Reserve has proven they are devoid of credibility when it comes to their advertised mandates of full employment and price stability. What the Fed is good at is the same thing it has always been good at...blowing bubbles and serving the interests of Wall Street banks. Thus it should come as no surprise that many of the clueless PhD economists working for the Federal Reserve are calling for an uptick in inflation in 2018. You know, because the labor market is so "tight" and current inflation is still tepid. The Fed of course [...]

By |2018-01-06T16:45:32+00:00January 4th, 2018|Collin County Home Prices, Dallas Tx Home Prices, Denton County Home Prices, Denton County Real Estate, Denton Tx Home Prices, DFW Real Estate, Economy, Housing Policy, In the Press, Markets, Politics, Spin Cycle|0 Comments
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Denton County Real Estate 2018: All Eyes On The Fed

As we embrace the new year, and the freezing temperatures that arrived with it, Denton County real estate prices continued to climb higher as sales continue to grow at a measured pace. The housing boom seen during the last 4-5 years has been impressive by any standards. As the Fed continues its much anticipated balance sheet "normalization", there is a lot at stake for local real estate markets.  The U.S. housing market is now heavily dependent on Fed stimulus, in the form of artificially depressed mortgage interest rates, and the artificial "wealth effect" created by [...]

By |2024-07-06T22:49:56+00:00January 2nd, 2018|Dallas Tx Employment, Dallas Tx Home Prices, Denton County Home Prices, Denton County Property Taxes, Denton County Real Estate, Denton Tx Home Prices, DFW Home Prices, DFW Real Estate, Economy, Housing Market, In the Press, Markets, Mortgage Rates, Texas Real Estate|0 Comments
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Average New Home Size Continues To Shrink

The National Association of Home Builders reported that the median and average size of a new home in the U.S. continued to decline in the third quarter. Third quarter numbers on housing starts show that the median single-family new home size was 2,378 square feet.  The average square footage for new single-family homes declined to 2,518 square feet. According to the NAHB, this is apparently just part of the normal housing cycle. "The post-recession increase in single-family home size is consistent with the historical pattern coming out of recessions. Typical new home size falls prior to and during a [...]

By |2022-08-06T13:45:04+00:00November 18th, 2017|Collin County Home Prices, Dallas Tx Home Prices, Denton County Home Prices, Denton Tx Home Prices, Denton TX Homes For Sale, Denton Tx New Homes, Development, DFW Home Prices, DFW Homes For Sale, Economy, Education, Housing Market, Housing Policy, Markets, New Home Sales, Real Estate, Spin Cycle, Texas Home Prices, Texas Real Estate|0 Comments
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QE Or Bust – US Yield Curve Continues To Flatten

Behold the flattening U.S. yield curve! Reading through the latest Quarterly Report on Household Debt and Credit, you might get the impression that things are still humming along just fine. After all total household debt just hit a new high in the latest survey posting at $12.96 trillion. Mortgage debt is still below the previous bubble peak, so home buyers would appear to be doing doing just fine. If you peak below the headline metrics, however, you begin to see some cracks in the "everything is awesome" narrative. One of the first things that stands [...]

By |2017-11-15T16:13:25+00:00November 15th, 2017|Collin County Home Prices, Denton County Home Prices, Denton Tx Home Prices, Economy, Housing Market, Housing Policy, Markets, Mortgage Rates, Politics, Real Estate, Spin Cycle, Texas Home Prices|0 Comments
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Housing Bubbles A Global Problem

Housing bubbles are easy to see, unless of course you are one those people in the real estate industry who feign ignorance for the sake of sales. For those who care to look, it is blatantly obvious that there is an echo bubble in real estate prices. It's a global problem that poses a number of challenges, and the potential capital destruction that would result from its collapse is probably larger than many want to admit. Everyone has to dance to the music, until the music stops. Looking at an updated index of San Francisco [...]

By |2017-08-19T10:36:20+00:00April 26th, 2017|Housing Market, International Real Estate, Markets, Real Estate, Spin Cycle, Texas Home Prices, Video|0 Comments
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Financialization Of Housing And The Disturbing Gap In New Home Sales

The financialization of the U.S. housing market has led to a rather disturbing gap in new home sales relative to existing home sales. This is a subject I was referencing this week when I mentioned the problem builders are facing with the lack of affordable land to build new homes on. Today the Census Bureau reported new home sales for January came in at a seasonally adjusted annual rate of 555,000. Previous months were also revised lower, with November taking a significant haircut. On a year-over-year basis January new home sales were up 5.5 percent. [...]

By |2022-08-06T13:30:06+00:00February 24th, 2017|Economy, Housing Policy, In the Press, Markets, New Home Sales, Politics, Real Estate, Regulation, Spin Cycle, Video|0 Comments
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