I was announcing that in January, but hey, why listen to me? As a matter of fact, if you are primarily single family builder with lots mostly in the suburbia (far from work center/city centers) (RYL, MDC, CTX, DHI, TOL, etc.) , life IS good, eh? heee heee heeee
Now wasn't the purpose of all the Q1 money trying to front-run "recovery" in housing activity predicated upon this moment of truth?
I did offer my head ( I will hire several people to decapitate myself in front of the camera and post it to youtube ) if the next bubble was going to be HOUSING again in January. But even such promise sealed with a bloody finger print wasn't ever gonna be enough to stop some people's EGO. Now I guess they will be sending their videos to Youtube.
UPDATE: It's Official: Spring-Sales Season A Bust For Housing Market
By John Spence
BOSTON (Dow Jones) -- The hoped-for rebound in home sales failed to blossom this spring with the housing market caught in a downward spiral, as falling prices continue to sap consumer sentiment and keep would-be buyers on the sidelines.
The all-important sales season that unofficially kicks off after the Super Bowl again failed to lift the residential market out of its doldrums. Although a surprising jump in April housing tarts was reported Friday by the Commerce Department, enthusiasm was tempered by the fact that the gain reflected a jump in multifamily units. Starts of single-family homes lost nearly 2% to the lowest rate since 1991.
There are other reasons why it's not yet time to break out the champagne to celebrate a bottom in the housing market. The sagging confidence of home builders points to more pain this summer. On Thursday, the National Association of Home Builders said that its sentiment index fell close to a historical low. " The housing market has shown no evidence of improvement thus far," said David Seiders, chief economist for the builder trade group.
The final nail in the coffin for the spring-selling period came this week after luxury-home builder Toll Brothers Inc. (TOL) reported dismal sales figures for the quarter ended in April. The company's chief executive, Robert Toll, said traffic levels at its communities were "the worst that we have ever seen."
The right enemy
5 years ago