The consumer confidence index fell to 49.3 in June from 54.8 in May. Economists polled by Reuters had expected a healthier reading of 55.0 for the month.
Standard & Poor's/Case Shiller home price indexes showed prices of single-family homes declined in April from the prior month, but the pace of the slide moderated.
The 20-city price index dipped 0.6 percent from the previous month, which was far less dire than the 1.8 percent decline that economists polled by Reuters had predicted.
There were a few more glimmers of hope as 13 of the 20 metropolitan areas tracked showed some improvement. The laggards included Las Vegas, Phoenix and Miami, which were among the cities that saw the biggest run-up in house prices in the middle part of this decade.
"While one month's data cannot determine if a turnaround has begun, it seems that some stabilization may be appearing in some of the regions," said David Blitzer, chairman of the index committee at S&P. "We are entering the seasonally strong period in the housing market, so it will take some time to determine if a recovery is really here."
Bill Schultz, chief investment officer at McQueen, Ball & Associates in Bethlehem, Pennsylvania, said less-bad news was certainly a relief to investors, but noted their patience may soon start to wear thin.
"To get the markets moving to the next level you're going to have to see prices stop falling and begin to rise here at some point in the not-so-distant future," he said.
We've had tons of boolish news and markets up the past few months
Started by
nimblebear
, Jun 30 2009 12:44 PM
No replies to this topic
#1
nimblebear
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- Traders-Talk User
- 6,062 posts
Welcome to the Dark Side !
Posted 30 June 2009 - 12:44 PM
how could that be ? The market rallied big time on recent increases in confidence. Economists are SHOCKED by this data. How so ? whats so shocking ? I'm surprised it rose so much in the first place. we had a one month spurt in car buying in June with massive price discounts and sales galore. dealers going OOB. consumers shuld be feeling quite happy. But they aren't if you believe these polls. You know me I hate polls and never beleive any of them. I think consumers are quite in denial of how bad things are, and are fully confident.
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The consumer confidence index fell to 49.3 in June from 54.8 in May. Economists polled by Reuters had expected a healthier reading of 55.0 for the month.
Standard & Poor's/Case Shiller home price indexes showed prices of single-family homes declined in April from the prior month, but the pace of the slide moderated.
The 20-city price index dipped 0.6 percent from the previous month, which was far less dire than the 1.8 percent decline that economists polled by Reuters had predicted.
There were a few more glimmers of hope as 13 of the 20 metropolitan areas tracked showed some improvement. The laggards included Las Vegas, Phoenix and Miami, which were among the cities that saw the biggest run-up in house prices in the middle part of this decade.
"While one month's data cannot determine if a turnaround has begun, it seems that some stabilization may be appearing in some of the regions," said David Blitzer, chairman of the index committee at S&P. "We are entering the seasonally strong period in the housing market, so it will take some time to determine if a recovery is really here."
Bill Schultz, chief investment officer at McQueen, Ball & Associates in Bethlehem, Pennsylvania, said less-bad news was certainly a relief to investors, but noted their patience may soon start to wear thin.
"To get the markets moving to the next level you're going to have to see prices stop falling and begin to rise here at some point in the not-so-distant future," he said.
The consumer confidence index fell to 49.3 in June from 54.8 in May. Economists polled by Reuters had expected a healthier reading of 55.0 for the month.
Standard & Poor's/Case Shiller home price indexes showed prices of single-family homes declined in April from the prior month, but the pace of the slide moderated.
The 20-city price index dipped 0.6 percent from the previous month, which was far less dire than the 1.8 percent decline that economists polled by Reuters had predicted.
There were a few more glimmers of hope as 13 of the 20 metropolitan areas tracked showed some improvement. The laggards included Las Vegas, Phoenix and Miami, which were among the cities that saw the biggest run-up in house prices in the middle part of this decade.
"While one month's data cannot determine if a turnaround has begun, it seems that some stabilization may be appearing in some of the regions," said David Blitzer, chairman of the index committee at S&P. "We are entering the seasonally strong period in the housing market, so it will take some time to determine if a recovery is really here."
Bill Schultz, chief investment officer at McQueen, Ball & Associates in Bethlehem, Pennsylvania, said less-bad news was certainly a relief to investors, but noted their patience may soon start to wear thin.
"To get the markets moving to the next level you're going to have to see prices stop falling and begin to rise here at some point in the not-so-distant future," he said.
OTIS.
