Buy trade at 9:33am for 5,200 shares at $6.24. Why would somebody pay that kind of premium unless SR's 401K plan made a stock purchase or the stock is being propped up.
Wow, Obama claims there's 57 states so you must cover a lot of ground with him...
Grasshopper, I couldn't resist.
BEACON ROOFING SUPPLY INC reported a larger 1Q loss than expected and sales were down -7%.
Just for you grasshopper.......
Poor grasshopper still in denial even when presented with the facts. Housing reached the peak last year in the number of existing and new units. Even those numbers were not really considered a healthy housing market.
Obama's bad economic policies continue to shackel the economy from real growth and real jobs.
Despite the consecutive months of gains, sales were down 5.0 percent compared to May last year. They remain down 9 percent from a peak of 5.38 million units hit in July.
The weakness in roofing volumes experienced in the first quarter continued through April and May, and the company now estimates that roofing volumes for the first half of 2014 may be as much as 20 percent lower than first-half 2013 volumes. The company expects to recover a portion of this volume shortfall in the second half of the year. However, continued weakness in the second quarter has introduced further uncertainty in the full-year financial outlook for the company's roofing business.
The two-year-old U.S. housing recovery is faltering.
The Mortgage Bankers Association yesterday lowered its new and existing home sales forecast for 2014 to 5.28 million -- a decrease of 4.1 percent that would be the first annual drop in four years. The industry group also cut its prediction on mortgage lending volume for purchases to $751 billion, an 8.7 percent decline and the first retreat in three years.
Bullish forecasts in early 2014 from MBA, Fannie Mae and Freddie Mac have been sideswiped by rising home prices and an economy that isn't producing higher paying jobs. The share of Americans who said they planned to buy a home in the next six months plunged to 4.9 percent last month from 7.4 percent at the end of 2013, the highest in records going back to 1964, according to the Conference Board, a research firm in New York.
"The big housing rally wiped itself out because prices increased too quickly for buyers to keep up," said Richard Hastings, a consumer strategist at Global Hunter Securities LLC in Charlotte, North Carolina, who predicted the slowdown eight months ago. "The pool of eligible new buyers is collapsing" because of stagnant incomes and lack of credit, he said.
The best-qualified homebuyers jumped into the market last year to grab near-record low mortgage rates that averaged about 3.5 percent after delaying their moving plans during the housing slump, said Nariman Behravesh, chief economist of IHS Inc., a research firm based in Englewood, Colorado.
As prices climb, the ability of Americans with stagnant wages to buy homes wanes.
The median U.S. household income rose less than 1 percent in 2013, according to data from Sentier Research LLC in Annapolis, Maryland. In April, the median income was $52,959. When adjusted for inflation, that's almost 6 percent lower than in June 2009, which marked the beginning of the economic recovery, said Gordon Green, a Sentier partner who formerly directed the Census Bureau office.
Grasshopper tell the board why this stock is failing to go up.......
Everyone knows inflation was a lot higher to the consumer then what was actually reported by the government. Rising interest rates to follow very soon.......
Starts down - 6.5% and permits down - 6.4%.............
Obama's part time job economy and obamacare phase one taking a toll on perspective home buyers. Wait till Obamacare sticker shock rolls in for the masses in the fall.
The national numbers aren't in yet for May, but major local markets are already reporting a serious spring slump in housing. The expected sales bump never materialized in a meaningful way and that has analysts rethinking their earlier theories.
"After much finger-pointing at the weather through a challenging winter, commentary from agents shows that confidence among buyers has taken a step backward," wrote Credit Suisse analysts in their monthly survey of real estate agents. "The deteriorating sentiment is being driven by worsening affordability as prices have continued to move higher and a lack of quality inventory at multiple price points."
Buyer traffic fell dramatically in May from April, according to the survey, and is now well below the traffic seen in May 2013. Sticking out like a sore thumb is Texas, where home sales had been surging and prices hitting record highs. Houston saw its first home sales decline in three years in May, both versus April and year-over-year.
Low inventory has been plaguing the nation for nearly a year, as builders are still operating at around half their historical volumes. There are also too few move-up buyers, and the reason for that is manifold: Millions still owe more on their mortgages than their homes are worth, and millions more don't have enough equity in their homes to afford the cost of moving up or even down to another home. Others may not want to give up the record low mortgage rates they currently have and still more don't have enough confidence in the economy and their own employment to risk taking on a larger investment.
You could be right since this stock can be easily manipulated with the thin float of stock available.......
Looks like somebody lowered the boom at 2:45pm with a 200,000 transaction sell at $5.00.
The one constituency housing needs most is the one struggling the hardest in the jobs market8. Employment among those age 25-34 fell in May to 75.3 percent; this compares to pre-recession rates of 78 to 80 percent employment, according to the Bureau of Labor Statistics.
"Having a job matters for housing," noted Trulia's chief economist, Jed Kolko. "Just 12 percent of employed 25-34 year-olds live with their parents, versus 20 percent of 25-34 year-olds without jobs."
First-time homebuyers have been markedly absent from the housing recovery. In April they accounted for just 29 percent of existing homebuyers, according to the National Association of Realtors. Historically, their share hovers around 40 percent.
While younger Americans may be recovering the slowest in the jobs market, even those who are employed are finding themselves more financially strapped than previous generations. Non-homeowners consistently cite financial instability as a contributing factor for not buying a home, regardless of household income, according to a recent survey by RateWatch, a financial data company owned by TheStreet.
"It's understandable that someone making less than $25,000 a year doesn't feel like they can afford a home, but it's shocking that someone who makes over $150,000 a year feels equally poor," noted Debra Borchardt, markets analyst for TheStreet. "Higher home prices could be a good reason why, with homes hitting record high prices and inventories hitting a low."
The survey also found that interest rates were extremely important to potential buyers, with the most common maximum rate respondents were willing to pay on a 30-year fixed loan between 4 and 5 percent.
"For young people, the housing recovery is still in an early stage: More jobs today means they move out of their parents' homes and become renters, while homebuying years away for many," added Kolko.
Construction payrolls rose by 6,000. It was the fifth consecutive month of gains, but the pace is slowing.
At this time of the year there should be a hiring boom going into the summer months.
What don't you get....... grasshopper. Shortage of houses on the market because people can't afford to move up..... wait till round-2 of Obamacare sticker shock coming this fall.
-Mortgage purchase applications declining during the peak seasonal month.
-Lower rates fail to stimulate sales.
-Affordability has become problematic.
-The rate of mortgage closings is dropping.
The Mortgage Bankers Association of America released its weekly mortgage applicatations index this morning (Wednesday June 4th). The key purchase application index declined 4% from the previous week and 15% year over year. The decline in purchase applications occurred despite the fact that May is a peak seasonal month for purchase contracts. This is despite the fact that interest rates "for most products fell to their lowest levels in close to a year" (from linked article). This, along with some other recent developments, indicates to me that my bearish view on the housing market is likely accurate.
The latest report on mortgage applications capped four weeks in a row of week to week declines in purchase applications (May 14-June 4: -1%, -3%, -1%, -4%). The data released on Wednesdays covers through the previous Friday, which means the time-period covers four weeks through the end of May. Year over year comps were all double-digit teen percentage declines.
This is important for two reasons. First, May is one of the peak seasonal months for home purchases. A decline in purchase applications -- 93% of all new home buyers use a mortgage -- means that the primary "organic" demand cohort for homes is fading -- quickly in my opinion. The weather during May overall was quite hospitable across the country for home shopping, which means the "bad weather" narrative has failed.
The second reason is that existing home sales reports are based on closings. With the average time to close a mortgage running less than 40 days (see below), it means that the National Association of Realtors existing home sales report for June (reported in July) will reflect the marked decline in mortgage purchase applications that occurred during the critical May time period.