RE: deejayoh @ 24 – Tim was right, I was talking closed sales. I would guess pendings are probably over 3,500 by now, but I haven’t looked recently.

I just looked–3523. The median is $50,000 below the median for closed sales for June, so obviously a lot of short sales in there. The system shows over 750, or just over 20%, but properties that went pending before May wouldn’t likely be updated to reflect their short sale status, so it could be much higher.

Smells like deflation- Swedish interest rates go negative. Yes, negative.

http://globaleconomicanalysis.blogspot.com/

Whoa. That’s weird.

http://2.bp.blogspot.com/_pMscxxELHEg/Skyq54TUtPI/AAAAAAAAFuE/JywLBQ0kG_o/s1600-h/JoblossPercentJune2009.jpg

Hmmm- can you fix it, Tim? Thanks.

Sorry Kary, I shouldn’t have done it and I wouldn’t have if I thought there would be a straight up pole. But the results would be skewed by the people with MLS access.

http://globaleconomicanalysis.blogspot.com/

This is an old article that is being rehashed for hysteria. The Chinese have a billion people to feed. On a day to day basis they have much bigger concerns then advancing a new currency. Internationally they are the most stuck, along with India, in just trying to survive.

While we lose descrectionary dollars people starve to death in China and India when the economy tanks.

deejayoh, I’m sure Kary’s searching the MLS closed sales for June. It looks like the MLS count on June closings will be 1575 or more per current search assuming I didn’t F___ it up. Even more surprising, how many would have said the King Co median price would be up more than 6% MOM and down only 10% YOY. And don’t forget, the 1575 is after some deals probably failed due to the increase in 30 yr mtg rates. The median price is just under 400K with a square footage of about 2030, just under $200/sq ft.

Although it’s still probably a seasonal bounce, it keeps the currently outstanding bottom predictions alive at least until fall and winter. I didn’t compare to prior months to see if it indicates that some of the mid and higher priced market is coming back, but I think it probably does. That is to say, I think the median went up in part because the sales mix included more higher priced homes, not that the price of a given home increased that much from May.

As Kary said,vague reference to a numbers from NWMLS sources, but not compiled or guaranteed by the NWMLS.

RE: Kary L. Krismer @ 1 – Just to update, we are over 1,500 now.

But haven’t we established that Pending Sales stats are of limited usefulness these days? Unless this is the month the dam breaks on actual closings

Where she stops, nobody knows….

http://www.fdic.gov/

I am guessing Sheila moved the experienced people into Illinois today to shut them down all at once. What state gets hit next?

Will we see any West Coast failures today?

Stay tuned!

http://www.rgemonitor.com/roubini-monitor/257169/the_chinese_proposal_for_a_new_global_super_currency

They are smart to want to try to cut off power to our printing presses before we make a mess of this. Of course if they succeed, then there will be even more incentive to fully monetize our existing dollar denominated debt and then just shift over to a world currency and leave the Dollar in the trash.

http://abcnews.go.com/Business/page?id=7613976

Ray, are you hearing anything more about the investor market after you’re trip down there earlier this spring?

The CSI for Phoenix is now back to the July 2000 level of 104, down from a peak of 227 in June/July 2006. That’s approaching Sniglet territory, and the Phoenix CSI is still dropping. I would assume summer probably isn’t the best time to market a house in Phoenix. Never the less, July 2000 prices sounds cheap enough that, as the NAR commercials now say, you should consult your local Realtor.

And for Seattle retirees, you can sell here at 25% off peak and buy in Phoenix at 55% off peak before all the out of work baby boomers start buying in Phoenix again and running up prices. I wonder if the Arizona retirement communities will be running commercials next fall pushing seniors here to sell at 25% off so they can buy at 55% off and pocket equity to enjoy the benefits of living in the sun. Then again, 55% off might be below their construction cost.

http://news.yahoo.com/s/ap/20090701/ap_on_re_us/us_state_budgets

By Kary L. Krismer @ 11:

RE: Joel @ 10 – I wonder how this will affect the analysis of those that think Seattle is X months behind SD? ;-)

Yeah, there was at least one guy here that figured we would be bottoming next year because the he believed the stats showed that SD was bottoming right now.

The fact that California will be paying businesses in scrip tomorrow is going to do severe damage to the economy down there. With cuts in education, etc, there will be a lot of people who want to leave that state and not many who will want to go there. That, and the fact that the alt-A and option ARM mortgages are concentrated there tell me that it will be a nice place to visit but not to own. Renting if you don’t have kids might be OK, but don’t under-withhold on your taxes.

RE: Joel @ 10 – I wonder how this will affect the analysis of those that think Seattle is X months behind SD? ;-)

Yeah, there was at least one guy here that figured we would be bottoming next year because the he believed the stats showed that SD was bottoming right now.

http://blog.seattlepi.com/realestatenews/archives/172722.asp#extended

More old loans will be on their way out.

MAYBE THEY’RE BUYING HOMES IN CALIFORNIA WITH IOUS?

Sure beats mortgage payments. LOL

http://news.yahoo.com/s/nm/20090701/us_nm/us_economy_california_budget

The problem resulted from a glitch in data from a multiple-listing service in San Diego, Mr. Kleinhenz said. He said a change in computer systems used there resulted in incorrect data being sent to the Realtor association over the past year or so.

[emphasis mine]

THE COUNTRY’S EMPLOYMENT BASE IS STILL ABOUT 75% INTACT

With unemployment termites still gobbling it up and no end in sight.

Should be good news for some stocks, dividends should be short-term higher with less salary mouths to feed; until the whole house of cards collapses with consumer confidence in the toilet.

The June job cuts were worse than the 395,000 expected by most analysts but lower than 485,000 in May, which was revised from the previous 532,000 figure.

Monthly employment losses in April, May, and June averaged 492,000, a notable improvement over the first three months of the year, when monthly losses averaged 691,000, according to the ADP National Employment Report.”

patient, I can’t easily tell how many closed within 30 days. I’d have to look at each one.

It’s always hard to predict how slow agents are in entering data.

Vague reference to a number from NWMLS sources, but not compiled or guaranteed by the NWMLS.

Oh, another number. Almost 40% of the listings that sold obtained an offer within 30 days. That’s up.