August 16, 2011

Housing: Another Record-Breaking (Lows) Report

Filed under: Economy,Taxes & Government — Tom @ 12:59 pm

The alleged emergence from the recession which Barack Obama claims to have engineered somehow never got to the new-home industry, which is STILL sliding downwards almost three years after TARP (remember that?) was supposed to fix the problem.

From the Census Bureau, reporting on what was traditionally — at least until the POR (Pelosi-Obama-Reid) Economy aka the Fear-Based Economy came along — one of the busiest months for new homebuilding:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 597,000. This is 3.2 percent (±1.2%) below the revised June rate of 617,000, but is 3.8 percent (±2.2%) above the July 2010 estimate of 575,000.

Single-family authorizations in July were at a rate of 404,000; this is 0.5 percent (±0.9%)* above the revised June figure of 402,000. Authorizations of units in buildings with five units or more were at a rate of 171,000 in July.

HOUSING STARTS

Privately-owned housing starts in July were at a seasonally adjusted annual rate of 604,000. This is 1.5 percent (±10.7%)* below the revised June estimate of 613,000, but is 9.8 percent (±10.8%)* above the July 2010 rate of 550,000.

Single-family housing starts in July were at a rate of 425,000; this is 4.9 percent (±8.9%)* below the revised June figure of 447,000. The July rate for units in buildings with five units or more was 170,000.

HOUSING COMPLETIONS

Privately-owned housing completions in July were at a seasonally adjusted annual rate of 636,000. This is 11.8 percent (±13.7%)* above the revised June estimate of 569,000 and is 9.5 percent (±13.8%)* above the July 2010 rate of 581,000.

Single-family housing completions in July were at a rate of 470,000; this is 6.1 percent (±12.6%)* above the revised June rate of 443,000. The July rate for units in buildings with five units or more was 158,000

Here is the chronicle of sixteen new lows or near-lows set in July:

The July housing stats, and the three years of data which precede it, demonstrate how completely absurd the idea is that we ever truly emerged from the recession into something resembling anything decent. President Obama can crow all he wants about what he allegedly accomplished, but it doesn’t change the evidence, which emphatically says otherwise.

______________________________

UPDATE: If you’re keeping score at home, that’s five near-record lows, nine record lows for any July, and two record lows for any month.

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8 Comments

  1. Tom,

    Do you think in the next month or tywo we will see the Dow fall to 9,500-9,600???

    Right now its at:

    11,405.93
    -76.97 (-0.67%)
    Aug 16 – Close
    INDEXDJX real-time data – Disclaimer
    Range 11,292.63 – 11,488.01
    52 week 9,936.62 – 12,876.00
    Open 11,480.48
    Vol. 187.63M

    Comment by Greg — August 16, 2011 @ 4:07 pm

  2. #1, I don’t predict those things, but it has become pointless to try, and will remain so as long as the Fed keeps one of its unstated objectives as propping up the stock market.

    Comment by TBlumer — August 16, 2011 @ 4:25 pm

  3. Obama kills 16,000 jobs and $768 million in federal tax revenue & we Deny our allies on behalf of our communist creditors.
    Please read…….

    Kissy-Kissing PRChina Costs Us

    http://dad29.blogspot.com/2011/08/kissy-kissing-prchina-costs-us.html
    Not really a surprise:

    the Obama Administration will deny [Taiwan] new F-16 fighters. As Defense News puts it, the Obama Administration’s decision came as a result of “bowing to Chinese pressure.”–Defense News quoted at MoonBattery

    http://moonbattery.com/?p=1155

    It’s not just Taiwan that takes it in the neck.

    A financial analysis firm, the Perryman Group, had estimated that the Taiwan purchase would have created more than 16,000 jobs and $768 million in federal tax revenue

    Buffett will write a check for the $768 million. But he won’t employ those 16,000 workers, will he?

    Comment by Greg — August 16, 2011 @ 6:32 pm

  4. Tom,
    I have noticed that you are Quiet about Ron Paul?
    You and a lot of other folks…….Why so quiet on Ron Paul?

    ***********************************
    Video at Vox Popoli
    http://voxday.blogspot.com/
    **********************************

    If Ron Paul is no threat to the Republican establishment, why are they so afraid to even MENTION him?

    …..This is why total of complete control of press news such important of political tool, comrades…… It’s so much of easy when threat simply disappear….And, as well, Siberia Camp of Summer. For relax.

    Note that even Salon’s Glenn Greenwald noticed (the second section):

    http://www.salon.com/news/opinion/glenn_greenwald/2011/08/16/elections

    For the lazy:
    But coverage of these presidential campaigns has even more pernicious effects than mere distraction. They are also vital in bolstering orthodoxies and narrowing the range of permitted views. Few episodes demonstrate how that works better than the current disappearing of Ron Paul, all but an “unperson” in Orwellian terms. He just finished a very close second to Michele Bachmann in the Ames poll, yet while she went on all five Sunday TV shows and dominated headlines, he was barely mentioned. He has raised more money than any GOP candidate other than Romney, and routinely polls in the top 3 or 4 of GOP candidates in national polls, yet — as Jon Stewart and Politico’s Roger Simon have both pointed out — the media have decided to steadfastly pretend he does not exist, leading to absurdities like this:

    And this:

    There are many reasons why the media is eager to disappear Ron Paul despite his being a viable candidate by every objective metric. Unlike the charismatic Perry and telegenic Bachmann, Paul bores the media with his earnest focus on substantive discussions. There’s also the notion that he’s too heterodox for the purist GOP primary base, though that was what was repeatedly said about McCain when his candidacy was declared dead.

    But what makes the media most eager to disappear Paul is that he destroys the easy, conventional narrative — for slothful media figures and for Democratic loyalists alike. Aside from the truly disappeared former New Mexico Governor Gary Johnson (more on him in a moment), Ron Paul is far and away the most anti-war, anti-Surveillance-State, anti-crony-capitalism, and anti-drug-war presidential candidate in either party. How can the conventional narrative of extremist/nationalistic/corporatist/racist/warmongering GOP v. the progressive/peaceful/anti-corporate/poor-and-minority-defending Democratic Party be reconciled with the fact that a candidate with those positions just virtually tied for first place among GOP base voters in Iowa? Not easily, and Paul is thus disappeared from existence. That the similarly anti-war, pro-civil-liberties, anti-drug-war Gary Johnson is not even allowed in media debates — despite being a twice-elected popular governor — highlights the same dynamic. …

    Comment by Greg — August 16, 2011 @ 7:26 pm

  5. I don’t take him seriously because he’s a foreign-policy disaster — and because my direct and indirect contacts with Paulbots have been extremely dissatisfying.

    UPDATE, 9:30 p.m.: On Saturday after the poll of straws, I wrote that Paul’s showing “may be the last serious charge of the Ron Paul brigade.”

    Comment by TBlumer — August 16, 2011 @ 8:11 pm

  6. [...] I wrote earlier today about the significance of the virtually uninterrupted housing meltdown of the past three years: The [...]

    Pingback by BizzyBlog — August 17, 2011 @ 1:09 am

  7. He is not going away. I suppose Jesus, the prince of Peace, was a disaster as well…….

    Anyway, first thing this morning, I look at the enquirer and I read this piece and guess who is totally ignored again?

    http://cincinnati.com/blogs/politics/2011/08/16/ohioans-dislike-obama-dislike-gopers-even-more/

    Comment by Greg — August 17, 2011 @ 6:53 am

  8. [...] has traditionally been one of the busiest months of the year for Housing says Tom Blumer at BizzyBlog but the new-home industry is still sliding downwards almost three years after TARP. Blumer [...]

    Pingback by July Housing: Worst Month Ever? — August 17, 2011 @ 8:13 am

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