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  • Fri, Dec 6 2019
  • 3:32 PM » Las Vegas Real Estate in November: Sales up 3% YoY, Inventory down 4% YoY
    Published Fri, Dec 06 2019 3:32 PM by Calculated Risk Blog
    This is a key former distressed market to follow since Las Vegas saw the largest price decline, following the housing bubble, of any of the Case-Shiller composite 20 cities. The Greater Las Vegas Association of Realtors reported Southern Nevada home prices stay the same for two months, still up from last year GLVAR housing statistics for November 2019 The total number of existing local homes, condos and townhomes sold during November was 2,946. Compared to one year ago, November sales were up 5.0% for homes, but down 4.6% for condos and townhomes . By the end of November, GLVAR reported 6,531 single-family homes listed for sale without any sort of offer. That's down 6.7% from one year ago. For condos and townhomes, the 1,711 properties listed without offers in November represented a 6.6% increase from one year ago. ... Along the same lines, the number of so-called distressed sales remains near historically low levels. GLVAR reported that short sales and foreclosures combined accounted for just 2.0% of all existing local property sales in November. That compares to 2.6% of all sales one year ago and just under 5% two years ago. emphasis added 1) Overall sales were up 3.1% year-over-year to 2,946 in November 2019 from 2,857 in November 2018. 2) Active inventory (single-family and condos) is down from a year ago, from a total of 8,608 in November 2018 to 8,242 in November 2019. Note: Total inventory was down 4.3% year-over-year. This year-over-year decrease follows 16 consecutive months with a YoY increase in inventory.  And months of inventory is still low. 3) Low level of distressed sales.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:00 PM » Millennial Housing Demand and Regional Building Trends: 3Q19 HBGI
    Published Fri, Dec 06 2019 1:00 PM by eyeonhousing.org
    Supply and resulting affordability challenges for millennials were highlighted in the most recent NAHB Home Building Geography Index (HBGI). The third quarter HBGI also offers more region-specific insights of single- and multifamily home building trends, including their connections to millennial-intensive areas. Single-family home building in rural areas posted a solid growth rate of 1.1% for the third quarter of 2019,... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 12:26 PM » Q4 GDP Forecasts: 0.6% to 2.0%
    Published Fri, Dec 06 2019 12:26 PM by Calculated Risk Blog
    From Goldman Sachs: e lowered our Q4 GDP tracking estimate by one tenth to +1.8% (qoq ar) [Dec 5 estimate] emphasis added From Merrill Lynch This week, our ... 4Q GDP tracking estimate edged down by 0.1pp to 1.6% on weaker than expected residential spend in Oct. [Dec 6 estimate] From the NY Fed Nowcasting Report The New York Fed Staff Nowcast stands at 0.6% for 2019:Q4 and 0.7% for 2020:Q1. [Dec 6 estimate] And from the Altanta Fed: GDPNow The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the f ourth quarter of 2019 is 2.0 percent on December 6, up from 1.5 percent on December 5. [Dec 6 estimate] CR Note: These early estimates suggest real GDP growth will be between 0.6% and 2.0% annualized in Q4.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:22 AM » Blowout jobs report means Fed may sound even less likely to move on interest rates
    Published Fri, Dec 06 2019 11:22 AM by CNBC
    November's strong jobs report makes it less likely the Fed will move to cut interest rates, and it could even sound more hawkish.
  • 9:14 AM » Instant View: U.S. November payrolls up by most in 10 months
    Published Fri, Dec 06 2019 9:14 AM by Reuters
    U.S. job growth increased by the most in 10 months in November as former striking workers returned to General Motors' payrolls and the healthcare industry stepped up hiring, confirming that the economy remained on a moderate expansion path despite a prolonged manufacturing slump.
  • 8:35 AM » US added 266,000 jobs in November, vs 187,000 expected
    Published Fri, Dec 06 2019 8:35 AM by CNBC
    U.S. employers were expected to add 187,000 jobs in November, and the unemployment rate was seen remaining steady at a historically low 3.6%, according to economists surveyed by Dow Jones.
  • 8:23 AM » Fed voters a less-hawkish bunch in 2020, lowering bar for U.S. rate cut
    Published Fri, Dec 06 2019 8:23 AM by Reuters
    The bar for cutting U.S. interest rates may get a little lower next year when a new crop of central bankers rotate into voting spots on the Federal Reserve's policy-setting panel as part of its annual membership reshuffle.
  • 8:03 AM » Trump faces complicated calculus in deciding whether to slap new tariffs on Chinese goods
    Published Fri, Dec 06 2019 8:03 AM by CNBC
    In less than two weeks, President Donald Trump must decide whether to slap tariffs on $156 billion in consumer goods made in China or move the goalpost yet again in lieu of the comprehensive trade deal he's been seeking.
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