Posts filed under “Data Analysis”

How This Recovery Stacks Up

There is a very interesting 3 part series at Ticker Sense; It is a collection of charts comparing this market move off of the lows with prior such bull markets.

It is titled "How This Recovery Stacks Up" and its must reading.

Part I

Part II

Part III    

I have cherry picked a few charts, which point out some of the odder aspects of this period:  weak dollar, strong corporate profits at the top of the historical range, a compressing P/E far more than previous periods, and a white hot rally in gold:

click for larger charts:

Dollar_index_1

Corporate_profits

Pe_ratio_1

Gold_1

What’s so fascinating is how truly unusual some aspects of this cycle are relative to the period since 1960. While other charts in the series show some aspects of this recovery as typical, I have highlighted the peculiar data series.

Given the unusual backdrop:  A 78% drop in the Nasdaq, and interest rates cut to 46 year lows (1% Fed Funds Rate), its not surprising that some aspects of this cycle has been rather odd . . . 

Category: Data Analysis, Economy, Investing, Markets

What Will the Stock Market Return over the next 10 Years?

Category: Data Analysis, Investing, Markets

One & Undone?

Category: Data Analysis, Markets, Technical Analysis, Trading

Looking more closely at NFP data

Category: Data Analysis, Economy, Employment

NFP Day

Category: Data Analysis, Earnings, Economy

A few words about Microsoft

Category: Corporate Management, Data Analysis, Technology, Weblogs

Existing Home Sales Data (California Real Estate: On Sale!)

Sales of existing homes surprised to the upside yesterday. But one data point does not make a trend. This is the first rise (sequential monthly change) after 5 straight months of falling Home Sales. And that’s before we examine the data.

Before you declare the end of the housing slow down, consider:

- Existing Home sales actually slipped vs. last year by -0.7%; The reported gain was over last month’s data;

- the Inventory of unsold homes soared 7 percent in March, hittting an all-time record; There are now 3.19 million existing homes for sale, or  5.5 months’ supply; That’s the largest inventory since July 1998

- Existing homes edged up 0.3% last month to a seasonally adjusted annual rate of
6.92 million units; (we know that seasonally adjusted data is not always accurate)

- Year over year, the Northeast and Midwest gained, while the previously hot housing markets in the South and the West slipped;

- median home prices are still rising, albeit nmore slowly — up 7.4% year over year, to $218,000.

Here’s a data point that has me scratching my head:  Why are there different numbers for the year-over-year changes for seasonally and not seasonally adjusted?  Was this March somehow in a different season than last year’s March? I am perplexed.

Note that data for existing home sales comes from National Association of Realtors, a group that is certainly an interested party; Of course, as a homeowner, investor, and someone with a public bearish tilt for the second half, I’m hardly objective myself (hey, I try). But this oddity — down -0.5% for the not seasonally adjusted year over year versus down -0.7% for the seasonally adjusted year over year — is beyond my comprehension.

So much for the hard data on existing sales; Today, we get New Home Sales. Recall our prior admonishments that monthly New Home Sales Data are unreliable; look instead to a moving average.

Let’s move onto some anecdotal evidence.  A friend writes:

"Flop! Wow, KB running blue light specials in California. Not surprising,
Chico area was rated one of the most overvalued markets in the country. Houses
in the $200k space.  When was the last time you saw that in California? "

 
Oak Knoll Place Live Oak, CA

Oak Knoll Place Slideshow

Here’s the sales pitch:

"Oak Knoll Place in Live Oak is located in a beautiful
community near the majestic Sutter Buttes. With easy access to Highway 99, it is
ideally located for easy access to Sacramento, Lake Tahoe, Reno and a wide
variety of recreational opportunities. Yuba City and Marysville are
approximately 10 minutes south, Chico is approximately 35 miles north and the
Gray Lodge Wildlife area is approximately 10 minutes west. Live Oak has a
quaint, small-town atmosphere with many nearby recreational water activities,
including the Feather River, Yuba River and Sacramento River. Prices starting
from the High $200′s.
"

I don’t know Live Oak, but houses like that in California are hard to imgaine . . .

More after the jump.

Sources:
Existing-Home Sales Rise Again in March
NATIONAL ASSOCIATION OF REALTORS
WASHINGTON (April 25, 2006)
http://www.realtor.org/PublicAffairsWeb.nsf/Pages/MarchEHS06?OpenDocument

Existing Home Sales  data
NATIONAL ASSOCIATION OF REALTORS
http://www.realtor.org/Research.nsf/files/REL0603EHS.pdf/$FILE/REL0603EHS.pdf

>

Read More

Category: Data Analysis, Federal Reserve, Fixed Income/Interest Rates, Real Estate

More evidence: Fed Pause Not Good For Stocks

Category: Data Analysis, Economy, Federal Reserve, Investing

Unemployment: Then versus Now

Category: Data Analysis, Employment

Do We Have Inflation?

Category: Data Analysis, Federal Reserve, Inflation