Chart Of The Day: You Call This A Housing Rebound?

This morning, the NAR announced that monthly home sales ticked up in May. And it noted that increased affordability and the first-time buyer tax credit were beginning to work. We just thought we'd put the bounce in a little perspective.

SOURCE: Business Insider

Mod Edit: All Caps – Please Review This Link.

[edit on 24 Jun 09 by Gools]

Click on the image. Hilarity ensues.

I guess it's nice that everyone is trying to be positive -with all the rebounding and green shoots.

reply to post by GreenGlassDoor


It looks a lot like the rebound right before this one. You know, the one that was immediately followed by another drop in sales.

Here's the image:
[atsimg]http://files.abovetopsecret.com/images/member/7e5fac88db25.gif[/atsimg]

reply to post by GreenGlassDoor


I'll quote myself

While they are selling more homes than in recent months, what they are not telling you is that they are selling foreclosed homes for as little as $100; to inflate these figures in order to give the appearance that the economy is getting better.

Read this:

Got $100? Welcome to your new Detroit home
www.abovetopsecret.com...

www.abovetopsecret.com...



[edit on 24-6-2009 by warrenb]

Think of it as salesmanship...

everyone knows things are bad, everyone knows that there will be millions more homes foreclosed, from alt A and options as they reset in the coming three years... We all know the unemployment numbers are being fudged,,, every week they claim fewer new applicants but a week later the revision reads, "Oops we off by 300K" that correction just a minor footnote at the bottom of that page under corrections...

(notice how the news never talks about Detroit and its 28% unemployment rate, how 30% of its 900,000 citizens are on food stamps, how no national grocery chain operates in a city of nearly one million or how up in Michigan the new worry is entire city blocks being set afire and not having the resources to stop city from burning)

The truth is they need to paint a pretty picture to get people to invest again, to buy cars and houses and get people working again... the problem is all the baby boomers who were driving the old economy with their acquired wealth are broke and hunkered down for the long haul...

there will be no return to the way things were... what you see is what you get and that is only going to get worse.

No rebound here in Spain - loads and loads of abandoned building sites of apartment blocks.

Even if someone wants to buy, at bargain prices, they can't get a mortgage. I can't even get a €500 euro credit card with the bank holding €3000 euro as security, in a separate account! (I only want the c.card to hire a car for 2 weeks then they can have it back and I'll have my security deposit back).

I live in a tourist area where lots of ppl rent out their 2nd homes for holiday lets, to pay their mortgage, but not this year - it's as dead as a dodo here! So there's still a lot of ppl to default on those mortgages because if they can't rent them out then they can't pay their mortgages. I know someone that can only afford the interest on their mortgage and asked their bank to change their mortgage to interest only and the bank said no.

No mortgage or co-operation from the banks = no rebound. Until the banks start lending again nothing is going to move and there won't be any real green shoots of recovery.

So are the banks not lending cause they're still broke or are they just hanging on to the money?

Edit for spelling

[edit on 24-6-2009 by Maya00a]

Originally posted by DaddyBare

The truth is they need to paint a pretty picture to get people to invest again, to buy cars and houses and get people working again... the problem is all the baby boomers who were driving the old economy with their acquired wealth are broke and hunkered down for the long haul...

Just saw your post after I'd posted mine.

There's no point painting a pretty picture to get ppl to invest when the banks won't lend. I know of plenty of ppl that would invest here right now but as my post above said - I can't even get a €500 c.card by giving the bank €3000 to hold as security because they're not lending to anyone for anything - no mortgages, no credit cards, no car finance, no personal loans, no overdrafts - nada!

I'm basically offering to finance my own credit card with my cash, that they can hold, along with the extra €2500 I've offered them as extra security. All they have to do is give me the piece of plastic and they just say they're not allowed to lend anything, to anyone, at the moment!? They don't seem to grasp that by holding my €3k they're not technically lending me anything because they'll already be holding 5 times what the credit card limit is! (bloody car companies want a c.card to hire a car and that's all I want it for then they can have it back cause I don't do c.cards anymore).

Originally posted by DaddyBare
... the problem is all the baby boomers who were driving the old economy with their acquired wealth are broke and hunkered down for the long haul...

Exactly the reason we are in this mess right here. The baby boomers never allowed their children (Gen X) to move into the working sector as had been done for them.

Between college degrees required for the most mundane of positions about minimum wage, and later outsourcing for these jobs. And the fact that Gen X'ers stayed single much longer (hence no opportunity to build wealth via two wage earners) the stage was set perfectly for the housing market scams that were used to bolster sales and profit of the real estate investors.

Gen X will of course outlive the boomers, but our children will likely not due to the extra chemical additives in their diet and lower income potential then even Gen X had. This means more health problems and less health care available then Gen X has.

A nice healthy revolution will solve many problems for TPTB. Namely having to placate so many people.

reply to post by Ahabstar


Ahabstar
Gen-X will have another problem few have addressed so far...
not that many years ago we saw then pres GW Bush on national TV speak on the failing social security system... His solution was for Americans to opt out of the government program and invest their retirement dollars in 401K's retirement funds ...
Needless to say we all know what happened to those retirement accounts...
So now Obama is at the helm the same old problems are with us along with a whole crop of new ones. Baby boomers who followed Bush's advice now have nothing to fall back on... Obama has his own solution... raise the mandatory retirement age...So rather than move over or pass Jr, the reigns to the family business Gen-X Jr is going to work side-by-side with dear old dad as a walmart greater with the added bonus of having to deal with dad's housing health and anything else you name problems putting even more strain on their Generation...

Thus we see the end of the "Play Now Pay Later" era... the bands packed up the bars closed and now the piper wants his due

reply to post by DaddyBare


I know this all too well. Dad's work has been more sporadic. He beginning to worry about the mortgage. We have always been able to help each other in the hard times. In the early 90's I pulled my nest-egg (that I had built with the idea of returning to Ohio or completing college education) and handed it to him when he lost his job to corporate downsizing in 1993. I took over the bills until he found work again, back in Ohio.

Now that my own scramble for a job in Jan-March, netted a 20 cent above minimum wage, I can't help this around. Up until that point of finding this job, I had considered just buying an axe and walking to a suitable spot in the woods to build a cabin and lift an solitary finger to the system.

I don't know, maybe I can swing something, but I fear my magic touch/blessed existence might be tapped out this time around.

This is just a buisness gimmick to get people to go out andbut houses...honetlsy how many people cna really read and understand a chart, even if its in the minus? Its a jsut a chart without a honest person explaining the dip in sales.thats one heck of a dip!