This too is bearish. This brings me to the KB Homes quarterly earnings report from yesterday ( Fiscal Q3 ended 8/31 – pdf of the SEC 8-K filing). KBH reported earnings which exceeded estimates. However their revenue number missed by quite a big margin ($549mm reported vs.
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Household Worth in U.S. Rises as Housing Market Improves (1)
Household net worth is $6.7 trillion above its pre-recession peak of $68.1 trillion reached in the third quarter of 2007. Photographer: Craig Warga/Bloomberg Household wealth in the U.S. increased from April through June, supported by gains in the sites stock and housing markets that are improving Americans finances. Net worth for households and non-profit groups climbed by $1.34 trillion in the second quarter, or 1.8 percent from the previous three months, to $74.8 trillion, the Federal Reserve said today from Washington in its financial accounts report, previously known as the flow of funds survey. Climbing stock prices and rising home values have helped ease the sting of higher payroll taxes and across-the-board federal spending cuts this year. Further employment and wage gains, combined with cheaper borrowing costs made possible by the Feds record monetary stimulus, may provide more room for improvement in household balance sheets and consumer spending, which makes up 70 percent of the economy.
For the original version including any supplementary images or video, visit http://www.businessweek.com/news/2013-09-25/household-worth-in-u-dot-s-dot-rose-by-1-dot-3-trillion-in-second-quarter
Trulia: U.S. Housing Market Now 67% Back To Normal
The share of mortgages in delinquency or foreclosure dropped to 8.66% in August, the lowest level in over 5 years. The combined delinquency + foreclosure rate is 60% back to normal. Averaging these three percentages together, the housing market is now 67% back to normal, compared with just 42% one year ago. As the recovery matures, some types of housing activity, like sales and price levels , have returned to near-normal, while others, like construction and household formation , remain far from normal. The housing recovery doesnt follow a straight line; instead, it moves through phases , with some measures of housing activity returning to normal long before others do.
For the original version including any supplementary images or video, visit http://www.forbes.com/sites/trulia/2013/09/26/trulia-u-s-housing-market-now-67-back-to-normal/