Much worse numbers for housing than I was expecting were announced today by the Census Bureau.
Category Archives: housing
Mortgage rates and new home sales
This is the third of three posts based on my new research paper titled Daily Monetary Policy Shocks and the Delayed Response of New Home Sales, in which I describe the delays between Fed policy actions and what happens in the housing market.
How Big Is the Housing Overhang?
There’s a lot of evidence of a rising inventory of unsold housing, and a big decline in housing sales. Can a more quantitative, stock-based figure be obtained?
Federal Reserve policy and mortgage rates
I’ve recently completed writing a research paper titled Daily Monetary Policy Shocks and the Delayed Response of New Home Sales. The paper develops some new measures of the delay between changes in Fed policy and the impact on the economy. In this, the second of three posts on the paper, I describe the paper’s findings about how the Federal Reserve affects mortgage lending rates.
Skepticism about the Business Fixed Investment Handoff
One view of how GDP growth can be sustained in the wake of negative residential investment growth is to assert that business fixed investment picks up the slack. If this happens, then the adjustment of construction employment need not be too abrupt.
Interpreting median house prices
“Home Prices Plunge by Most in 35 Years”,
declare the headlines. But those numbers don’t mean what you might think.
More evidence that housing may be stabilizing
Data on new home sales and inventories released today from the Census Bureau continue to support the view that the market downturn may have reached its bottom.
One way or the other
Mixed signals this week leave Bernanke still needing to earn his pay.
And they all lived happily ever after
Can high-flying stocks be reconciled with an inverted yield curve? David Rosenberg of Merrill Lynch, via Felix Salmon and Business Week thinks “it is highly doubtful that both asset classes can be getting the story right.” But here’s one scenario under which both markets in fact might be telling the same story.
Pending home sales up
The National Association of Realtors released favorable news today on pending home sales.