Economic Reports 06/26/07
Summary: Nothing changed since yesterday, the housing debacle continues to snowball downhill, turning into an economic avalanche which will force the Fed to lower by October.
S&P Case/Schiller reported a -2.1% median home price decline led by Detroit -9.3% & San Diego -6.7%. Along with housing, consumer confidence is falling.
Consumer Confidence Jun - 103.9 vs prior 108.5 Full Report
Inside the number: Lynn Franco, Director of The Conference Board Consumer Research Center:
"A perceived softening in present-day business and employment conditions are the major reasons behind this month's pull-back in confidence."
New Home Sales May -1.6% at 915K vs prior 930K Full Report
Inside the number: New home purchases account for 15% of total home sales vs existing home sales 85%.
April revised down from 981K; March revised down to 827K from 860K. Making the April increase 13% rather than the reported 16%.
Inventories -1.1% at 536K a 7.1 month supply; Yoy Sales -15.8%; Median Price -0.9%. YTD Sales YOY -21.1%; NE +21.1%; MW -21.4%; South -20.6%; West -30.9%.
Tighter credit: Sales of homes under 150K -25%; vs last year -33%.
S&P Case/Schiller reported a -2.1% median home price decline led by Detroit -9.3% & San Diego -6.7%. Along with housing, consumer confidence is falling.
Consumer Confidence Jun - 103.9 vs prior 108.5 Full Report
Inside the number: Lynn Franco, Director of The Conference Board Consumer Research Center:
"A perceived softening in present-day business and employment conditions are the major reasons behind this month's pull-back in confidence."
New Home Sales May -1.6% at 915K vs prior 930K Full Report
Inside the number: New home purchases account for 15% of total home sales vs existing home sales 85%.
April revised down from 981K; March revised down to 827K from 860K. Making the April increase 13% rather than the reported 16%.
Inventories -1.1% at 536K a 7.1 month supply; Yoy Sales -15.8%; Median Price -0.9%. YTD Sales YOY -21.1%; NE +21.1%; MW -21.4%; South -20.6%; West -30.9%.
Tighter credit: Sales of homes under 150K -25%; vs last year -33%.
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