The seasonally adjusted annual pace of new single-family home sales in the U.S. increased to 315,000 in November, up 1.6 percent from a revised rate of 310,000 in October and 9.8 percent above the 287,000 pace recorded in November 2010.
Preliminary U.S. new home sales (versus pace) in November were estimated to be 22,000 (give or take 8 percent), down 3,000 from October and the second slowest November on record. November sales peaked in 2005 with 86,000 new homes sold.
In the West, the pace of new home sales was up 1.5 percent year-over-year to 69,000 in November, down 16.9 percent versus the month before.
New Residential Sales: November 2011 [census.gov]
New Residential Sales Since 1963 [census.gov]
U.S. New Home Sales: Up 8.9% Year-Over-Year In October [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by Rillion

    So horrible, but better then last year. Yet another indicator that can be used by both bulls and bears to hammer away at each other.

  2. Posted by tipster

    I assume the buyers in November were trying to get out in front of the additional fees that get tacked onto mortgages, perpetually starting today, in exchange for 60 whopping days worth of reduced social security tax payments, driving up the costs of loans.
    Incomes are falling at a fairly dramatic rate, so I can only assume this was a speed up to avoid the higher fees on loans.
    From today’s personal income report:
    “Private wage and salary disbursements decreased $7.1 billion in November, in contrast to an increase
    of $37.2 billion in October. Goods-producing industries’ payrolls decreased $6.7 billion, in contrast
    to an increase of $8.6 billion; manufacturing payrolls decreased $6.9 billion, in contrast to an increase
    of $6.8 billion. Services-producing industries’ payrolls decreased $0.3 billion, in contrast to an
    increase of $28.5 billion. Government wage and salary disbursements increased $0.1 billion in
    November, the same increase as in October.”
    http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm
    Wages took a big hit. People are losing high paying jobs and taking lower paying jobs. That makes the unemployment rate look like it’s improving, but obviously incomes are not improving. Therefore, the increase was likely driven by the mortgage fees.

  3. Posted by Rillion

    yes, a bunch of people closed on houses in november to get in front of a fee that no one heard about until it was proposed in early December. What I want to know is why didn’t any of these people say something about this fee so that the real estate lobbiests and the wall street journal could have started complaining about it sooner then December 8th to 10th?
    Perhaps there should be an investigation because clearly a bunch of people were using non-public information to buy houses.

  4. Posted by Rillion

    Tipster: “Wages took a big hit.”
    In October wages increased $37.2 Billion. In November “wages took a big hit” and decreased $7.1 billion. Two month net is a “big hit” of $30.1 billion increase in wages.
    Two month net increase is $30.1 Billion, Tipster’s spin = “incomes are not improving”, “Incomes are falling at a fairly dramatic rate”
    I wish my income “fell” at that rate over two months.

  5. Posted by Rillion

    Wow, I just read the report Tipster linked and I have to applaud Tipster for having huge balls. I think I also figured out who Tipster is, he is the same person that wrote that Romney ad that pulled Obama’s McCain quote out of context.
    First line of the report: “Personal income increased $8.5 billion, or 0.1 percent, and disposable personal income (DPI)
    decreased $5.0 billion, or less than 0.1 percent, in November”
    So Tipster cherry-picks the ‘wage’ portion, ignoring that overall incomes increased in the month, and also characterizes it as falling at a “dramatic rate” when the fact is that it means on average all workers salery fell about $45 bucks after increasing $231 the month before. Incomes have risen in four of the last five months. The “rate” of the November decrease in wages is likely in the area of a decrease of 0.1% or 0.2%, but overall income was still up in November by 0.1.

  6. Posted by NoeValleyJim

    Mortgage fees just went up? Crud, I am in the middle of a re-fi.

  7. Posted by lol

    Twister is outdoing himself. There’s no dot he can’t reach with his stretchy gummy limbs.

  8. Posted by Longtime Lurker

    Tipster’s gone from a fairly interesting poster on here to an absolute cartoon. No doubt he/she has got to be the ultimate downer at any cocktail party.
    Never come across a person who wants everything to suck so bad.

  9. Posted by [anon.ed]

    two thousand and twelve
    is going to start next week
    panic? breadlines? no.

  10. Posted by tony

    There are no bread lines any more. Bad optics = bad politics. They’ve been replaced by food stamps:
    http://www.dailyjobsupdate.com/wp-content/uploads/Food-Stamps-Monthly.jpg
    5.5 years into what may well end up being the worst 10 years in housing history and still pretending all is well. Good show fluj.

  11. Posted by Brahma (incensed renter)

    Tony, just posting that link might have been a little terse. Let me help you assist [anon.ed] in understanding.
    From cnn.com in April, Record number of Americans get government help:

    One in six Americans is receiving help from the government, just as fiscal austerity threatens to reduce some of that aid.

    Soaring unemployment during The Great Recession has driven tens of millions of people to the dole. Enrollment in Medicaid and food stamp programs are at record highs, while unemployment insurance rolls remain at elevated levels. Many people depend on more than one program…The number of people in the Supplemental Nutrition Assistance Program, known as food stamps, hit a record 44.2 million in January. That’s up 4.7 million from the prior year…one in seven Americans receive food stamps, the highest share of the population ever to do so…Still, one in three people who are eligible for food stamps is not receiving them.

    Emphasis added. So that’s why you’re not going to see bread lines, but the fact that bread lines aren’t widely visible doesn’t mean that people aren’t suffering. We’ve made some progress since the thirties.

  12. Posted by A.T.

    The safety net is a wonderful, civil advancement (not that it couldn’t be stronger). It is what has kept the Great Recession from becoming the Great Depression II.

  13. Posted by sparky-b

    you guys are funny. Can’t let old anon.ed write an end of the year haiku without trying to parse his words, as if his “breadlines” was the first time that has been used on here.

  14. Posted by anon.ed

    You mean I didn’t
    Coin the very term, “breadlines”?
    Drawing board return

  15. Posted by anon.ed

    Also, brahma, trust
    That I didn’t read any
    Of your pedantry

  16. Posted by A.T.

    Correct, no breadlines
    At least not literally
    Thus all must be well

  17. Posted by anon.ed

    “All must be well” ? No.
    Paraphrase? Even in this
    Format? Beyond trite.

  18. Posted by A.T.

    “panic? breadlines? no.”
    what I meant by that was, err,
    who knows? But you’re trite.

  19. Posted by anon.ed

    “I know you are but
    What am I” was your response?
    Wow. Worse than I thought.

  20. Posted by Rillion

    Just accept it anon.ed, if you say “its not that cold in here” they will accuse you of saying “its as hot as the surface of the sun in here”.

  21. Posted by diemos

    Enduring false dawns
    Don’t look behind the curtain
    Winter’s just started

  22. Posted by sparky-b

    Winds of winter, black wings black words. Says Grand Maester Diemos.

  23. Posted by diemos

    You have ever been a herald of woe. Troubles follow you like crows, and ever the oftener the worse … Here you come again! And with you come evils worse than before, as might be expected. Why should I welcome you, Gandalf Stormcrow? Tell me that.

  24. Posted by sparky-b

    I was going for a Song of ice and fire and not LOTR, but it works.

  25. Posted by [anon.ed]

    The Two Towers: Mithrinir (Sparky) v. Curunir (Diemos)

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