Puget Sound Home Sales

Another nice monthly wrap up by Redfin.

So far in August, we have seen record numbers of Redfin customers touring properties in Seattle, but buyers are very picky, and in no rush. Prices are going to stay down for the rest of the year, and probably longer.

This game of "chicken" will last until the Sellers realize that they have no pricing power.  If you need to sell you have about 6 weeks left in the selling season.  Otherwise, expect to hold your property until the Spring where you will be able to holdout for a lower price than now.  Buyers...continue to wait it out and make low ball offers otherwise risk paying more than you could purchase for at Xmas.

Interest Rates

Wow!  5 Yr Note Rates have been halved since April.  Looks like they need some sort of bounce, but that has been a losing proposition.

The only certainty is that rates can't get below zero, but a 50% haircut since April doesn't bode well for the economy going forward.  One obvious beneficiary is mortgage holders who flocked to the refi market recently.

The good news is that those refinancing are less likely to be putting their home on the market anytime soon.  Reducing the amount of potential "shadow" inventory will help the housing market recovery sooner.

China

China stocks looked poised to make a run.  LFC is coiling up in a potential triangle.  The stop is around 62.35.  I'll be adding around 63.  If it breaks 67.5, will be holding for 79, but fasten your seat belt because it's volatile.

PMs

Precious Metals are firming up.  Silver holds some triangle potential.  Great support at the 20/50 ma's.  The stop is at 17.47.  Triangles often produce strong thrust up and out.  Target is 21.