News and Opinion, sponsored by RaboPlus

RSS logo Post RSS Feed RSS logo Podcast Feed

90 seconds at 9am: Where’s the spring house sales surge?; US jobs better; OCR on hold

December 7th, 2009

Bernard Hickey delivers the key news from over the weekend in 90 seconds at 9am, including news that Quoteable Value has reported house values rose 0.2% in November from October and are up 4% from their April low. They remain 6% below their early 2008 peak.

QV says the spring surge in house sales has failed to materialise so far, partly because of too few listings in the major cities and too many listings in the provinces. However, I think rising unemployment and weak bank lending growth may keep a lid on both volumes and prices through the summer.

Meanwhile there was good news from the US employment market late on Friday night. Only 11,000 jobs were lost and the unemployment rate fell to 10% from 10.2% There’s talk now the Fed may increase rates in 2010, Bloomberg reported.

Next year looks like the year of going cold turkey. The RBNZ is expected to hold the OCR on Thursday, but the outlook is key. Alan Bollard is expected to say he’s sticking to his promise of not increasing the Official Cash Rate from its record low 2.5% until the latter part of next year.

Tags: , , ,

You may also like to read:

8 Responses to “90 seconds at 9am: Where’s the spring house sales surge?; US jobs better; OCR on hold”

  1. Mark Hubbard Says:

    Regarding the US jobs report, not a recovery, just another bubble:

    http://blog.mises.org/archives/011164.asp

    … for society as a whole, jobs are not ends in and of themselves. For society, they are only a boon insofar as they produce goods and services without consuming capital. For society, they are liabilities insofar as they are allocated toward unsustainable projects, as they will tend to be under artificial credit expansion. The consequences of Bernanke’s mind-boggling credit expansion will eventually catch up to us. Far from being a sign of better days to come, the job report everybody’s so excited about today may very well be a harbinger of those consequences.

  2. Brien from Hamilton Says:

    BH what happened to your shirt and suit?

  3. Bernard Hickey Says:

    Brien
    Taking a break from the suit and shirt.
    Going for a more informal look
    Your views?
    cheers
    Bernard

  4. Nicholas Arrand Says:

    I’m not sure, Bernard! We don’t want you getting too close to the Greg Muir casual look…

  5. Alan Says:

    Your regular viewers probably don’t care – I certainly don’t!

    However, you might find your perceived credibility for new viewers drops off and / or skews you down market intellectually.

    However, from a purely business perspective, being aimed at the less informed mass-market that follows fashion rather than analysis might bring in more dollars – just look at a company like Apple.

    Alan.

  6. Tarquian and Warren Says:

    Girls !!!!!!! Leave Bernie alone . You look gorgeous , darl , absolutely gorgeous .

    Look at the message , lovies , not the messenger . Leave that to us ……..Ooooooooooooooooooh !

  7. observer Says:

    I think I like the more formal look personally ;-)

    In Tga there are now 1425 properties listed on Trademe. A few months ago the numbers were around 1200. There seems to be many houses for sale and not many buyers at the moment. I tend to follow Trademe because it is reflecting the property market on a daily basis rather than the other reports that show the market retrospectively. Unemployment is quite high in Tga- poeple may be leaving here to get work elsewhere.

  8. Wally Says:

    Watch as Bollard manages to miss the curve yet again. The RBA boss knows what the inflation Tsunami looks like and is staying ahead of the problem. Not our RBNZ..hell no…they are set on porking property…the same old same old…..

Leave a Reply

Please copy the string euF6SY to the field below: