This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Housing Data Crush the Pollyannas

It was a set piece: real estate "expert" Barbara Corcoran counseling Americans on NBC's "Today" show Thursday morning that the time is right to buy their dream home.


The worst of the housing slide, she said brightly, is over, and housing's dismal data will soon be showing a rosier outlook.

What else would someone who made her fortune selling homes in Manhattan say? Corcoran's allegiance is to the home seller and agent, who desperately want trigger-pulling buyers. But you can't simply wish markets back on track, and the pixie dust that Corcoran has deployed so effectively over the course of her long career on individual home buyers is harder to dispense -- and to receive -- through a television screen than in person.

The encouraging vignette was initially belied by the June existing-home sales report issued July 25 by the Commerce Dept., then viciously undercut by new-home sales figures the agency released the following day. Those sales figures, which many pundits had predicted would show a modest month-to-month rise, showed a steep 6.6% decline to 834,000 from May's annual rate of 893,000 sales. Year-over-year, the fall was a dramatic (but nonetheless unsurprising) 22.3% against 2006 June figures. This June's level marks the second-slowest sales month in eight years; the slowest was this past March.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
BZH $17.21 0.00%
DHI $26.69 0.00%
PHM $21.52 -0.02%
RYL $46.60 0.00%
WFC $54.50 0.00%


DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs