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Zen International International Economics-(US House Prices Rise)
Zen International: Homes in 20 metropolitan areas increased by 1.2% but all is not as it seems.
Figures showing that home prices in 20 US metropolitan areas rose by 1.2% in August were greeted with indifference by analysts at “Zen Internationalâ€. Sources close to the Asian-based boutique investment house said that the analysts remain convinced that only the $8,000 US government tax credit for first-time homebuyers was responsible for the meager upturn in activity in a market that is now in its 3rd year of decline.
One of the “Zen International†sources added that it was likely that the real estate market would return to poor form after the incentive expires on November 30th 2009 unless the US Senate votes to extend or even expand it. In continuation, the source suggested that the real estate market could very well mirror the performance of auto sales after the expiration of the “cash for clunkers†incentive which gave Americans money towards the purchase of fuel efficient vehicles in return for the trade in of their gas-guzzlers.
“Zen International†is thought to believe that, to all intents and purposes, the US government is the de facto consumer and without the government, consumption in the world’s largest economy will remain subdued until such time as the tide of home foreclosures and job losses can be stemmed.
Stock prices rallied after investors chose to interpret the figures as a sign that risk appetite would remain stable for the immediate future. “Zen International†is rumored to be adhering to its bearish stance on stocks and it expects a significant correction in the weeks ahead.