12/27/2011: WarmlyYours Weekly Radiant News

December 27 2011

We hope that you enjoyed the holidays! And, now to bring you the WarmlyYours Weekly Radiant News for this week!

This week's featured articles:

“Happy Holidays from WarmlyYours!”

What tradition do you celebrate for the holidays? If you celebrate Christmas and were like me, then every Christmas Eve you waited anxiously in your bed (even though you were supposed to be sleeping) for Santa to climb down the chimney to bring you an abundance of gifts. But the wonderful thing about our world is that not all holiday celebrations are done the same way. In every country, a family celebrates their own tradition for the holidays. Read More

"Will Good Economic News Reach Housing? S&P/Case-Shiller Due Tuesday Dec 27th"

Much of the recent economic news has been good: housing starts were sharply higher and new home sales rose in November as did existing home sales after revisions. Labor market numbers are also looking better with initial unemployment claims under 400,000 for three weeks in a row. While housing will recover someday, that moment may not be here yet. Bloomberg’s survey of forecasts for next Tuesday’s S&P/Case-Shiller data looks for further declines. As noted by the Calculated Risk blog most of the other home price surveys are also looking at weak numbers for October. Read More

"New Home Sales Rose 1.6% to 315,000 Units in November"

November new home sales rose 1.6% to an annualized 315,000 units, which was a bit stronger than the 312,000 expected by consensus, and comes after October sales were upwardly revised to a 310,000 unit reading (was 307,000). New home sales are up 9.8% over last November. By region, the Northeast and the West sale sharp declines over October, down 26.3% and 16.9%, respectively. In contrast, the Midwest and South were up 7.5% and 12.9%, respectively. The months’ supply of homes fell to 6.0 months from 6.2 months in October, and the median sales prices fell to $214,100 from 22,600 in October, and is down 2.5% over last year. The better than expected report supports other news that support a recovering housing sector, to likely give stock prices and Treasury yields a boost today. Read More

"NAHB: Do Not Use Mortgage Fees for Payroll Tax Cut"

Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev., has issued the following statement on a congressional plan to pay for extending an expiring payroll tax cut by raising fees charged by Fannie Mae and Freddie Mac. "It is imperative that lawmakers return to the negotiating table immediately to extend the payroll tax cut that expires at year-end. However, Congress must ensure that such an action does not penalize millions of potential middle-class home buyers by needlessly raising the cost of buying a home. Read More

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