Markets News 

More homes are hitting the market

“Changes in the pace of housing starts tells us a lot about the future supply of homes available in the housing market” writes First American Financial for businessinsider.com. The data is derived from surveys of homebuilders nationwide, and three metrics are provided: building permits, housing starts and housing completions.Building permits are a leading indicator of housing starts and completions, providing insight into the housing market and overall economic activity in upcoming months.In addition, increase in housing starts can lead to increases in construction employment, which benefits the overall economy. Source: businessinsider.com…

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News Platforms 

Facebook could be responsible for how advertisers use its platform, Justice Department says

“The Justice Department on Friday formally opposed an effort by Facebook to dismiss a lawsuit by several housing groups, arguing the social media platform may be held legally responsible if advertisers violate fair-housing laws by using its ad-targeting tools” writes Craig Timberg Is for washingtonpost.com. Berman’s filing, called a Statement of Interest, also says the Department of Housing and Urban Development on Tuesday served an administrative complaint against Facebook “for conduct similar to that alleged” by the housing groups.The DOJ statement boosts the claims by several fair housing groups that…

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Markets News 

Emails show RBS bankers joked about destroying US housing market before 2008

“When the contagion in the housing market became clear, the head trader at RBS got a call from a friend who said: “[I’m] sure your parents never imagine[d] they’d raise a son who [would] destroy the housing market in the richest nation on the planet.”” writes Michael Selby-green for businessinsider.com. REUTERS/Russell Cheyne LONDON — Royal Bank of Scotland (RBS) bankers joked about destroying the US housing market and senior staff described the loans they were trading as “total f***** garbage,” according to transcripts released by the US Department of Justice.The…

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Cramer: These companies’ earnings show that millennials are spending money on handbags, not houses

“Instead, millennials are spending their money on apparel and electronics, a change from the spending habits of older generations” writes Carmin Chappell for cnbc.com. More and more they feel priced out of housing,” Cramer said.In today’s booming economy, “money is still being spent, but it’s being spent in a different way” Cramer said.Tapestry and Home Depot both reported second-quarter earnings before the bell on Tuesday, and CNBC’s Jim Cramer thinks that the numbers reveal a lot about consumer spending patterns. Source: cnbc.com Share This:

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Home Depot’s strong quarter is no accident — Americans can’t buy new homes, so they’re fixing up the ones they’ve got

“We only have 4.1 months of supply against a normal month of supply more like six months of supply” writes Andrea Riquier for marketwatch.com. In fact home equity values have increased 100 — over 120% since 2011 about $73,000 per homeowner in terms of equity.With home price appreciation, homeowners have more equity in their homes. Source: marketwatch.com Share This:

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Trump’s tariffs might end the housing boom and start a recession

“Housing construction data for newly permitted units generally follows about 60 days later” writes Ap Photo Charles for washingtonexaminer.com. All but two were associated with a collapse of mortgage lending, and therefore housing construction, following Federal Reserve actions that raised interest rates.Targeted tariffs on lumber, steel, and aluminum — building materials, in other words — are now beginning to form a cost wedge that could close off the nation’s housing construction boom.Housing construction fell significantly in June, the most recent month for which we have national data. Source: washingtonexaminer.com Share This:

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Markets News 

Home Depot beats forecasts despite slowdown in housing market

“Home Depot raised its full-year earnings forecast to $9.42 per share from $9.31” reports nypost.com. Home Depot on Tuesday reported second-quarter sales that beat Wall Street estimates despite signs of a slowdown in the housing market, boosted by a rebound in demand for seasonal products and shoppers making more purchases to remodel their homes.The No. 1 US home improvement chain also raised its earnings and revenue forecast for the year, sending its shares up 2.4 percent to $198.80 in pre-market trading. Source: nypost.com Share This:

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