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Bitcoin, Ether lead digital currency slide from highs via @CamiRusso
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Will some things change with newer generations? Today’s cartoon by @elchicotriste0:
Nigeria, Mexico Trade Volume Hits U.S.$600 Million #Nigeria
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Athens slams Tirana square makeover as ‘concealing irredentism’
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Ugandan Singer Bobi Wine Arrested in Kasangati #Uganda
German 10y yields jump to 0.28% on hawkish Draghi speech.
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The 25 most beloved CEOs in America
New CBO report could doom GOP healthcare bill:
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European law permits them to be thrown out now.
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South western France placed on alert for violent storms
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Stormy conditions with flash flooding and hail will threaten #Germany into Wednesday:
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#Norways $960bn sovereign wealth fund urges banks to disclose #carbonfootprint of loans
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H/T @GuyJohnsonTV
Draghi: a tapering is not a tightening. Say what you want, the President rocks at communication.
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Oh hello @ConversationCA
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Nice visualization of Chinas recent deleveraging efforts, via Deutsche Bank:
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Chinese Premier Li says China will meet it growth goals and pledges free trade support
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Lightning bolts illuminate the sky above Annaberg-Buchholz in Saxony, Germany on June 22nd (DPA/Andre März)
Japan Pension Fund Manager Shows the Struggle for Abenomics: via @business @tomredjp
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White House: Assad is potentially preparing another chemical attack in Syria
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Eleven of them now
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Throw a few more cajas on the pile
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U.S. threatens Syria, says Assad is planning chemical weapons attack
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haha, amazing that ZeroHedge I love Dick take place in Marfa, Texas @alexandrascaggs
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Tag your best friend tell them what you value most about your friendship!
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JAXPORT harbour-deepening project approved


Tyler Durden
Existing Home Sales Soar To 10-Year Highs
2 months ago




Following February's 3.9% drop, March existing home sales roared back (up 4.4% MoM - the fastest growth since Dec 2015) to the highest since Feb 2007 at 5.71 million SAAR. Inventories tumbled (for the 22nd month in a row) and prices rose (for the 61st month in a row) as affordability issues remain ignored (for now).

It seems, unlike 2013, that rising rates are not affecting demand for existing homes at all... (yet)

The Details

  • March sales rose in three of four regions, including a 3.4 percent increase in the South and a 1.6 percent drop in the West
  • At the current pace, it would take 3.8 months to sell the homes on the market, unchanged from February; Realtors group considers less than a five months’ supply as consistent with a tight market
  • Single-family home sales increased 4.3 percent last month to an annual rate of 5.08 million
  • Purchases of condominium and co-op units rose 5 percent to a 630,000 pace
  • First-time buyers accounted for 32 percent of all sales in March, unchanged from February
  • Homes sold in 34 days, compared with 45 days in February and 47 days in March 2016

The median existing-home price for all housing types in March was $236,400, up 6.8 percent from March 2016 ($221,400). March's price increase marks the 61st consecutive month of year-over-year gains.

 

With the high-end dominating the price appreciation...


Inventory of available properties fell 6.6 percent from March 2016 to 1.83 million, marking the 22nd straight year-over-year decline.

“This is a very broad-based recovery” in the housing market, Lawrence Yun, NAR’s chief economist, said at a press briefing accompanying the report.

 

“Both sales as well as prices are running very solidly,” and “buyers are not being deterred by these affordability challenges.”

 

Policy changes could “quickly change” the direction of housing in the second half, he said.