Light Crude Oil (CL, NYMEX)
Daily Commodity Futures Price Chart: July, 2007
chart courtesy of TFC Commodity Charts
Crude closed at $68.86 (August 2007) today — down 68 cents — and the new futures contract starts tomorrow.
Since I have been ranting today — I remain firmly convinced that:
- Energy is not only a matter of economics, but a matter of National Security;
- Subsidies for Oil and Ethanol need to be replaced with subsidies for Solar;
- CAFE standards need to be raised;
- Expedited processing for Nuclear Power plant permits should be issued
I own a V8 (automatic), a straight 6 (6 speed), and a 4 cylinder (5 speed) — so I am the last person to preach we all need to shift to Vespas and biofuels. But its pretty apparent to even a gas hog like me that we need to do something other than send billions of dollars to terrorist nations each and every single month.
Source: Pat Oliphant via Yahoo!
Their sound is original — jangly roots-rock romp laced with bluegrass
and countrified leanings.
I agree with the reviewer who wrote that their bluesy debut album "fairly vibrates on DeLuca’s Dobro steel guitar and throaty wail."
DeLuca careens from influence to influence, paying homage to his predecessors and then going a step further.
The music is flavored with dollops of Jeff Buckley, Coldplay and
most of all, Bron Y-Aur Stomp Led Zeppelin.
I Trust You To Kill Me is one of those rare discs where there in not a single weak cut on the CD.
The band’s Myspace page has four songs to stream.
The band has been opening for the likes of Ben Folds and John Mayer. The next area show I could find is
Tue Jul 31st 2007, Bowery Ballroom, NY
Yesterday, we learned that the NAHB Housing Market Index, a gauge of home-builder confidence, declined to its lowest reading since the 1991 recession:
Source: NAHB, Wells Fargo
Given the high inventory still around, its no surprise that all three components of index dropped: Single-family Home Sales fell to 29 (from 31); Traffic of Prospective Buyers droped to 21 from 22; Expected Sales for the next Six Months declined to 39 from 41.
The last time the HMI was this low was in the throes of the 1990-91 recession.
Rather than spend much time on this well-covered report, I want to draw your attention to a little followed report on Home Valuation. I stumbled across this extremely informative analysis, filled with great
info-porn maps (below) from Global Insight and National City
It looks at the regions of the country which have had the greatest home price appreciation and, by their measures, are the most overvalued.
First the good news: less homes are overvalued today than in 2005, when the study found
45% of all homes 23% of homes were overvalued by 45%.
Today, 14% of homes for sale are still overvalued — but by only 25%:
The following shows where the overvalued/undervalued homes are located:
That decrease in overvaluation comes as no surprise: The huge overhang of inventory = price decreases (see below).
Thus, many of the over-valued regions are becoming a little less overvalued.
But, depsite the hopes of the bottom-callers, there is still a ways to go.
Full Study: House Prices in America – Q1 2007
A Global Insight / National City Corporation, June 2007
2006 Q1 PDF: http://www.globalinsight.com/gcpath/1Q2006report.pdf
additional graphs, and a summary of the report, after the jump