Next is the lowest level ever recorded... right around the corner as some of these guys start going out of business. You're watching the Ponzi scheme end in real time folks...
Also, the Q2 reports from the public homebuilders (hello Bob Toll) legally have to start writing down the value of land and buildings on their books, or the CEO and CFO go to jail. So stay tuned.
U.S. homebuilder optimism plummeted to its lowest level in more than 14 years in July as buyers canceled contracts and investors continued their exit from housing.
Sentiment among homebuilders dropped 3 points to a reading of 39 in July, industry trade group the National Association of Home Builders said on Tuesday. The index was below economists' expectations of 41 and fell to its lowest since 35 in December 1991 as the U.S. was emerging from recession.
The NAHB's gauge of traffic of prospective buyers slumped 2 points to 27 in July, less than half of the level a year ago and suggesting a decline in the number of people visiting model home units over the last month, according to the NAHB.
An index reading below 50 means that more builders view sales conditions as poor, rather than good.
July 18, 2006
FLASH: US homebuilder optimism falls to lowest level in 15 years, devastating crash of US homebuilding industry underway
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17 comments:
man we went from lines for new homes to lines at the unemployment and bankruptcy offices really quick didn't we?
The massive speculatory bubble and its dumb offshoot the Real Estate bubble are near end!!!!!
Yeah, couple that with a fading retail and service sector, this is usually a harbinger of a recession. It is when that recession begins, that the country and economy is possible to a bubble pop that could change a generation. So far since the 30's depression, the US has gotten by without a depression, usually just having a recession. This will be the greatest challenge yet for the movers and shakers.
remember when the yield curve inverted and people were like - no, it's different this time, really!
it's never different this time
Click here: Check Homebuilders` stock charts for 5-year... the bleeding continnues... hope investors/traders didn`t receive Margin calls or Fed Calls lately from buying on margin account !!!
Hows the gold doing?
44,000 of those McMansions? Do those people have that many kids / extended family living in these or is the extra space - waste? Cleaning 5000 ft, cooling 5000 ft, heating 5000 ft, furnishing 5000 ft, did I mention cleaning 5000 ft?
Why do people even need 3000 ft? Energy is getting scarce and expensive.
Gold is getting back into my buy range. I like coins when I can pay $600 for them.
Smaller IS better said...
44,000 of those McMansions? Do those people have that many kids / extended family living in these or is the extra space - waste? Cleaning 5000 ft, cooling 5000 ft, heating 5000 ft, furnishing 5000 ft, did I mention cleaning 5000 ft?
Oh, man don't even get me started on those white elephants.
"I think a Master Bedroom should be the size of a football field"...
Just what planet are you on? A Queen-size, a couple of bedside tables, a chest of drawers and (hopefully) a small walk-in closet...that maxes out to about 150sq ft.
Put the remaning 450sq ft back in the Living Room where it belongs. I sleep in a bedroom, I live in a Living Room.
As for 'cathedral' ceilings...well they look good in cathedrals because your average cathedral is about 20,000sq ft. In a McMansion all they do is make the place claustrophobic, like you're living in a shoebox turned up the long way...
Plus, they're twice as expensive to heat and cool. Unless you're found a way to utilise your walls as living space, the room's still X foot by Y foot square. Adding 2xZ to the height is just heating/cooling twice the volume.
Not to mention the fact that you can bet that there's absoloutely no insulation in the roof, so all that extra energy is just leaching into the sky.
And, unless you have a moblie scaffold unit, how the heck to you change a lightbulb in a 20ft ceiling? Do i really need to invest in a Tree-Surgeon's harness just to dust the crown molding?
Its America At Its Craziest. Just like SUVs.
Unless you have more than 5 kids, work on a farm, or do speculative geology in Alaska, what possible need do have to drive a vehicle that gets 10-15 mpg?
Beautiful news!!!!
MWAHAHAHAHAHAHAHA!!!!!!!!!
But Keith, it is different this time, this time the middle income person is going to get amazing punishment, the likes which have not been seen since the 30's.
Not this middle income person. I sit with only a mtg of $100k at 5.5% on a 2.5 acre estate. No other debt period. No cc debt, no car payment, no home equity loan. This implosion I welcome and I hope lots of people feel pain. Layoffs? Not me. I am 100% entrenched in a local gov't job. We will be last to feel it as you all have to pay taxes.
MWAHAHAHAHAHAHAHA!!!!!!!!
And, unless you have a moblie scaffold unit, how the heck to you change a lightbulb in a 20ft ceiling? Do i really need to invest in a Tree-Surgeon's harness just to dust the crown molding?
You describing my house??? 4800 sq. ft. Electric bill of about $110 a month due to my superior insulating technique. I do have a scaffold for the lights on my 19' ceiling. MWAHAHAHAHAHAHA!!!!!
SUV? No, that's just stupid.
I'm with you - speedingpullet. I know of some families (family of 3 average) who leaves in a 6 bedroom McMansion house. I guess bigger is better.
Only in America.
Oh, come on you guys. Get out there and buy a Toll Brothers' home. Better yet, skip the house (it'll be a piece of crap anyway) and just buy the "Premier Lot". You'll have at least 2-3 years of prime beauty before Toll puts a road in your backyard (oops, did they accidentally show you the wrong plat map?!).
It's $100K off of your house and into Big Bob Toll's wallet. How else is Robert Toll going to keep his $50,000,000/year salary and his MacroMcMansion?
Thanks for the information. I will never buy a Toll Home.
For Robert Toll to be making $50,000,000/year in this market, he's got to be f***ing someone, and it's not going to be me.
"Jail"? I LOVE that word "Jail"
Not only will these crooks be broke and living on Uncle Ephram's venison sweetbreads, but they'll be in JAIL, too?
Http://victimordeal.blogspot.com
Beautiful...
When I was a child in the 1930's we
used to drive by all the "mansions"
that were empty and rundown, lost to
the depression. In time some were
torn down ( dilapidated ) and others
were turned into schools and nursing homes. I remember one built in the 20's that had a shower with gold faucets for hot& cold water, steam, and perfume! History
just repeats itself.
When I was a child in the 1930's we
used to drive by all the "mansions"
that were empty and rundown, lost to
the depression. In time some were
torn down ( dilapidated ) and others
were turned into schools and nursing homes. I remember one built in the 20's that had a shower with gold faucets for hot& cold water, steam, and perfume! History
just repeats itself.
When I was a child in the 1930's we
used to drive by all the "mansions"
that were empty and rundown, lost to
the depression. In time some were
torn down ( dilapidated ) and others
were turned into schools and nursing homes. I remember one built in the 20's that had a shower with gold faucets for hot & cold water, steam, and perfume! History
just repeats itself.
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