The Brian Sullivan Blog
« Tuesday Stories: Pressuring The Media; China's Ponzi Scheme; $15,000 Whiskey
ADP Report Shows Improvement in Job Market »

  • August 4, 2009 09:21 AM EDT by Brian Sullivan

    Pending Home Sales Rise Again, But ...

    More mildly good news for housing...

    Pending home sales rose 3.6% in June. That was much higher than the expected 0.7% increase and marks the fifth straight monthly gain.

    This comes with the recent Case-Shiller home price index that indicated some stabilization of prices in specific areas.

    The data is not wildly bullish, but does indicate there may be some building demand.

    Not to throw water on it, but remember that the volume of ARM resets is going to surge later this year and in the first half of next year based on the huge volume of adjustable rate mortgages taken out in 2006 and early 2007.

    Something to consider ...

    imfresets

RSS Subscribe to Comments

CA SUN

The Banks are artificially building demand by limiting the supply of REO homes that they own, and are holding for a better price. Compare the number of foreclosures with the number of houses on the market. These banks would be bankrupt if they sold off their inventory at current prices. This is definitely NOT the bottom. I predict 2Q 2011 as the bottom of the market.

August 4, 2009 at 4:44 pm

about this blog

  • Brian Sullivan joined FOX Business Network (FBN) in April 2008 as an anchor. He co-anchors the 10am-12pm ET hours of the FOX Business block. Prior to joining FBN, Sullivan served as an anchor for Bloomberg Television where he hosted the programs Morning Call and In Focus.

browse posts

most popular posts