Friday Afternoon Links
1. Detroit metro area home sales increased 13.2% in July vs. last year, and the median sale price increased 17%.
2. Natural gas spot prices fell this week to $2.64 per million BTUs, the lowest since mid-June more than two months ago.
3. Rates for 30-year mortgages fell 7 basis points this week to 3.59%.
4. Data Quick: National home sales over the last 30 days increased 9.7% above last year.
5. Real personal consumption expenditures increased 2% in July YoY and reached a new all-time monthly record high of $9.62 billion. The July increase was the 30th consecutive monthly increase in real consumer expenditure on a YOY basis starting in February 2010.
6. July home sales in San Antonio increased 13% vs. last year, and the median price was up by 4.6%.
7. Compressed Natural Gas (CNG) Filling Station Opens in Akron, OH Selling CNG at Equivalent Gas Price of $1.95 per Gallon.
8. New York might not allow fracking in its state, but it sure likes to guzzle down frack-produced natural gas from Pennsylvania and other states. John Hanger points out that NY's natural gas consumption increased 18.6% in the first half of 2012, and it consumes 10% more than neighboring Pennsylvania, and points out the following hypocrisy:
"New York guzzles gas everyday and supports fracking with its purchases, whether or not it does its part to meet America's energy needs."
9. Another stunning fact from John Hanger: "A seven-well pad in Morris Township has produced 23 billion cubic feet of gas. Of that total, the top producing single well in the Commonwealth has provided 6 billion cubic feet. A true gusher!
Since the annual, average residential gas consumption in Philadelphia is about 87,000 cubic feet, this prolific well pad has supplied enough gas for 264,000 residential gas accounts in Philadelphia for a full year. That's more than half of the homes using gas in Philadelphia and is just amazing!"
10. From this week's rail traffic report: Lumber shipments were up 21% last week and are up 12.6% YTD (to supply an increase in new home construction?), oil shipments increased 56% for the week and are up 41% YTD, and motor vehicle shipment were up 7% for the week and are up 20.5% YTD.