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| 2010-01-25 01:13 |
MARKET STRUGGLES FOR TRACTION
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Well, we began the day with the "Bernanke Bounce", but it has been follow the bouncing ball since as the market has had to grapple with
the latest home sales data and a warning from well known Wall Street banking analyst Dick Bove. Bove stated that continued saber rattling from
Washington could cause the stock market to crash. Then there is the existing home sales data, which came in mixed but missed consensus by a mile.
Pluses
* Existing home sales 2009: 5,156,000 from 4,913,000; first y/y increase since 2005
* Inventory: 3.29 million
from 4.58 million (record) July 2008
* Home prices: $178,300; +1.5% y/y (first increase since August 2007)
Minuses
*
Headline: -16.7% versus estimate of -10%
* Inventory: months supply 7.2 from 6.5 (highest last three months)
* First-time homebuyers dipped to
43% from 51% m/m
It seems clear that the first-time
homebuyer's tax credit borrowed sales from forward months. Inventory down and prices up seems like the perfect one-two punch for housing, but the lack
of demand hangs like a dark cloud.
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Disclaimer: Securities Operations Forum is providing this research to assist investors in determining when to buy and when to sell. All investment decisions are yours and as a result you could make or lose money. Securities Operations Forum, its employees and/or its affiliates and family members may from time to time take positions in the open market or otherwise with respect to the securities discussed, but not have stock ownership equal to or greater than 1% of the outstanding stock of the covered company nor does any employee of Securities Operations Forum sit on the Board of Directors of any covered company. The statements made herein include information obtained from sources believed to be reliable, but no independent verification has been made and we do not guarantee its accuracy or completeness. The statements made herein contain general information and do not constitute an offer to buy or sell any security. |
