90 seconds at 9am: Where’s the spring house sales surge?; US jobs better; OCR on hold
December 7th, 2009Bernard 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: 90 seconds at 9am, Bernard Hickey, House prices, QV
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December 7th, 2009 at 9:05 am
Regarding the US jobs report, not a recovery, just another bubble:
http://blog.mises.org/archives/011164.asp
December 7th, 2009 at 9:05 am
BH what happened to your shirt and suit?
December 7th, 2009 at 9:09 am
Brien
Taking a break from the suit and shirt.
Going for a more informal look
Your views?
cheers
Bernard
December 7th, 2009 at 9:19 am
I’m not sure, Bernard! We don’t want you getting too close to the Greg Muir casual look…
December 7th, 2009 at 9:57 am
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.
December 7th, 2009 at 10:04 am
Girls !!!!!!! Leave Bernie alone . You look gorgeous , darl , absolutely gorgeous .
Look at the message , lovies , not the messenger . Leave that to us ……..Ooooooooooooooooooh !
December 7th, 2009 at 11:44 am
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.
December 7th, 2009 at 11:53 am
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…..