On Fox Business, their similar headline states “Home sales plunge in third straight monthly drop to lowest level in 9+ years.”
Those may ‘technically’ be true but are still arguably misleading. Why? Because a deeper look into the data, those are trailing numbers. Meanwhile, more recent data shows a sharp ‘V’ shape housing recovery, as MHProNews reported at this link here or via the link below.
That’s not just MHProNews ‘interpretation’ of the data. Rather, no less a leader at the National Association of Realtors (NAR) said similarly. The top headlines at CNN Business and Fox Business could have read, “Lawrence Yun, NAR’s chief economist” said that “We hit a low point in the month of May, [but] it looks like quite a sharp rebound ahead.”
With that tee up, the latest from the National Association of Realtors (NAR) could hold interesting clues as to what is ahead. That will be our featured focus this evening. That will be found beyond our left-right headline summaries, two of our three market snapshots at the closing bell, with the third market snapshot featuring manufactured housing connected stocks following our featured focus and related report links.
Quotes That Shed Light – American Social, Industry, National Issues…
Headlines from left-of-center CNN Business
- Key optional
- Apple car key with 2021 BMW 5 Series.
- Apple’s newest iPhone feature uses the smartphone to unlock and start a car
- Apple is overhauling the iPhone homescreen and upgrading AirPods
- Home sales plunged again in May
- 3 million homeowners missed their mortgage payments last month
- The giant meatpacking company at the heart of Germany’s new coronavirus hotspot
- China halts imports from Tyson plant over Covid-19 fears
- Wirecard says missing $2 billion never existed. Its stock is down 85% in 3 days
- Apparent suicide by 20-year-old Robinhood trader prompts app to make changes
- Many Indian citizens believe their government is trying to steal and sell their data. Here’s why
- Fortnite reportedly removes police cars in new season
- A customer stands at an Avis Budget Group Inc. rental counter at San Francisco International Airport in San Francisco, California, U.S., on Monday, May 4, 2020. Avis Budget Group’s first-quarter loss widened and it said April and May revenue could decline 80% year-over-year.
- Why Avis won’t be the next Hertz
- CLERMONT, KY – FEBRUARY 17: Barrels of bourbon are stacked in a barrel house at the Jim Beam Distillery on February 17, 2020 in Clermont, Kentucky. U.S. whiskey exports have fallen by 27 percent to the European Union, the product’s largest export market, caused by retaliatory tariffs imposed by the 27-nation alliance, a trade group said last week.
- American whiskey distillers are down $340 million thanks to Trump’s trade wars
- Mukesh D. Ambani, chairman of Reliance Industries Ltd., smiles at the Institute of International Finance (IIF) Spring Membership Meeting in New Delhi, India, on Friday, March 4, 2011. The conference brings together business and government leaders for two days in the nation’s capitol.
- Asia’s richest man is now one of world’s 10 wealthiest people
- SAN JOSE, CALIFORNIA – APRIL 30: The Facebook logo is displayed during the F8 Facebook Developers conference on April 30, 2019 in San Jose, California. Facebook CEO Mark Zuckerberg delivered the opening keynote to the FB Developer conference that runs through May 1.
- Patagonia joins growing Facebook and Instagram advertiser boycott
- The North Face joins Facebook ad boycott
- Facebook takes down Trump ads using Nazi symbol
- Zuckerberg: We’re ‘disgusted’ by Trump’s comments
- Parent of toddler in edited Trump video forces Facebook and Twitter to remove it
- AMERICA’S JOBS CRISIS
- NEW YORK, NEW YORK – JUNE 17: Scene of an HSBC branch on Wednesday, June 17, 2020. According to Reuters news agency, HSBC, the biggest bank in Europe plans to eliminate 35,000 jobs worldwide, as it continues to struggle with the impact of the coronavirus. The value of HSBC stock has fallen by over 25% since the onset of the pandemic.
- These companies laid off thousands of employees last week
- Nevada still has the highest unemployment in the US
- Nebraska’s unemployment is 5X lower than Nevada’s
- US jobless claims are still in the millions
- Another 1.5 million Americans filed for first-time unemployment benefits last week
Headlines from right-of-center Fox Business
- Everything you need to know about the work visas Trump just took executive action on
- The White House will make exceptions for some applicants.
- Stocks climb giving Nasdaq 20th record close of 2020
- Families of women who portrayed Aunt Jemima batter rebranding ‘injustice’
- Apple dumps Intel, will make own processors in major shift
- Apple WWDC 2020 roundup: All the major announcements
- 3 Social Security benefit cuts that are being considered
- Parking laws must change if small businesses are going to survive
- MORE TROUBLE IN STORE
- Mask mayhem at Florida, California Walmarts
- SOCKED AWAY
- Bank deposits surge by trillions of dollars since pandemic gripped US
- SECOND SHOCK WAVE
- 3 stocks you don’t want to be holding when the market crashes again
- NOT TOASTING TO THAT
- Miami mayor says this is why coronavirus cases are spiking
- ESG ABCS
- This investing strategy is beating the market amid a pandemic
- MAKING A MINT
- Gold price surges to 7.5-year high as coronavirus concerns mount
- BOTTOM OF THE BOTTLE
- TRADE WAR
- Tariffs hit American whiskey producers hard in Europe
- BIG SPENDING SOCIALIST
- AOC spends $6M ahead of NY primary as she braces for first reelection bid
- NASCAR will ban noose culprit for life, president Steve Phelps says
- MARKET MAYHEM
- REAL ESTATE
- Home sales plunge in third straight monthly drop to lowest level in 9+ years
- GREAT DEPRESSION NOT QUITE
- Poverty rate fell in April, May because of coronavirus relief payments, researchers say
- LEGAL SCRIMMAGE
- Tom Brady’s ‘Deflategate’ lawyer tapped by Brown University student-athletes
- SOCIAL MEDIA DISTANCING
- SOCIAL MEDIA
- Patagonia is latest big company to yank ads from Facebook over ‘hateful lies’
- FDA’S WARNING
- 9 hand sanitizers for sale could be poisonous — do not buy, officials say
- THE LATEST TREND
- Dior revives fashion shows, but with no front row
- Ahead of coronavirus second wave, Walgreens resumes flu shots
- With face visors and gloves, London’s bespoke tailors reopen
- First major airline announces it will restart travel between US, China
- New Jersey town pulls bar’s outdoor dining permit after patrons pack beer garden
- Joel Schumacher, director of ‘St. Elmo’s Fire,’ dies at 80
- Small businesses could receive second PPP loan under new proposal
- LeBron James reacts after NASCAR’s Bubba Wallace makes ‘heinous’ find
- Fed president sees difficult second half for US economy
- Live Nation announces outdoor concert series in 3 cities starring country singer
- Posh designer sues to close boutique on NYC’s high-end Fifth Avenue
- These investors are biggest buyers of US stocks during virus crisis
- As stores reopen, T.J. Maxx’s unusual online strategy appears to be paying off
- SPACE BUSINESS
- Virgin Galactic, NASA to launch private missions to International Space Station
- Disneyland Paris announces when it will reopen
- SMALL BUSINESS
- Bakery owner who hid as store was looted faces threats for helping police
- Carnival Cruise Line extends sailing pause until Sept. 30
- Johnson & Johnson pulls skin-whitening products
- White House economic adviser Kevin Hassett leaving his position this summer
- Federalist co-founder: Google ‘spin’ after ad crackdown undercuts key argument
- WATCH: What to expect from today’s Apple’s Worldwide Developers Conference
- Government watchdogs bark at Treasury over small business loan secrecy
- Sherwin-Williams hikes sales guidance as this trend drives historic demand
- Major US city reopens ‘biggest piece of economy’: What people can do now
- Major US cities report deadly shootings amid calls to defund cops
9 Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus –
Where Business, Politics and Investing Can Meet
From Realtor earlier today was the following pull quotes.
- May U.S. Home Sales Dropped 9.7% as Pandemic Kept Shoppers Indoors
- Sales of previously owned homes dropped 9.7% in May from the prior month, as the coronavirus pandemic kept shoppers indoors during the typically busy spring homebuying season.
- But record-low interest rates have lured buyers off the sidelines in recent weeks, economists and brokerages say, and they expect sales to pick up starting in June.
That last bullet confirms a report last week here on our evening market report, which similarly indicated that mortgage activities – no doubt due in part to low rates – have been rising.
Returning to Realtor’s data:
- Sales have plunged since hitting a 13-year high in February. The May closings represent the lowest annualized sales activity since October 2010, said Lawrence Yun, NAR’s chief economist.
- Homes typically go under contract a month or two before the contract closes, so the May data largely reflects purchase decisions made in March or April, when millions of Americans were staying home to prevent the spread of the coronavirus.
- “We hit a low point in the month of May, [but] it looks like quite a sharp rebound ahead,” Mr. Yun said, citing an increase in pending sales in some regions in recent weeks. “It looks like a V-shaped recovery for the housing sector.”
- “As economies are opening up again, we’re seeing consumers spend,” said David Berson, chief economist at Nationwide, citing a record jump in retail sales in May. “The same thing will be true of housing.”
- The median existing-home price rose 2.3% from a year earlier to $284,600. A shortage of homes for sale in many markets has kept prices elevated, economists say. The number of homes for sale at the end of May rose from April to 1.55 million units, NAR said. At the current sales pace, there was a 4.8-month supply of homes on the market at the end of May.
- New-home sales, which make up about 10% of the market, started to show more positive signs in May. Housing starts, a measure of U.S. home-building, rose 4.3% in May from April, the Commerce Department said last week. Residential permits, which can be a bellwether for future home construction, rose 14.4%.
- New-home sales are likely to pick up faster than existing-home sales, because the supply of existing homes on the market is limited and consumers might be more comfortable during the pandemic touring newly built homes, Mr. Berson said.
The bottom line? There are several indicators that the housing market is rebounding. While the rebound in manufactured housing, per industry sources, is uneven, there are similar statements from several industry sources that manufactured housing is rebounding too. The new monthly data for HUD Code manufactured homes will be available in early June.
Related and Recent Reports:
Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
MHProNews. MHProNews – previously a.k.a. MHMSM.com – has celebrated our tenth anniversary and is in year 11 of publishing.
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Disclosure. MHProNews holds no positions in the stocks in this report.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.
http://latonykovach.com Connect on LinkedIn: http://www.linkedin.com/in/latonykovach