Posted on Monday, August 31, 2009
The latest stats acorss all fronts are no surprise. We're nearing a bottom across the board. The variation by location, property type and price is becomeing more obvious. As is the fact that this is not going to be a simple or quick recovery.
Jobless claims last week appeared to decrease by 10,000, from 580K to 570K. Unemployment looks the same. But we all know there's more to those stats than meets the eye and we still are not seeing anything close to sustained stability in the job market.
Consumer spending is still not impressing anyone. But personal savings is still at 4.2% which is relatively higher considering our recent past. Maybe we should be greatful for this (hopefully) new normal?
Home re-sale prices seem to have increased 2.9% in the Q2 2009, the first time since 2006. Junes increase was 1.3$. New homes were up 9.6% in July, existing 7.2%, the highest in 2 years. But unsold existing home inventory is up.
Expect more of the same.