Chillin' out till it needs to be funded
New home Sales repeated the positive new trend for a housing Crisis after dull Jan and Feb data brought the house down despite a new $40 B settlement with Bank of America and others in 49 states. Back to the present, after a second positive week of Purchase data from the MBA in the morning and the new Home Sales ticking up to a low but yet somehow a happy 349k (that beat estimates) it was a great pleasant surprise to have all the data for March synchronise to continuing of the recovery with Prices up 2.7% on year and 1.8% on the lowrider in February that was positive but less than 0.5% over January 2012.
The FHFA Price Index or HPI however depends on only the quarter of home sales that are purchases and that remains a low enough number for it to be a really meaningless index increase at this point. A state wise range for price increases in the index can be used interactively at the FHFA site. Price indices have been inching downward all through 2008Q1-2011Q4. The Sales have been slowing down in the North East where surprisingly prices also never picked up probably because of higher rental inventory /Multi Family units