New home sales better than expected, but remember it’s about permits, as no home is built without one:

Note how weak this is vs past cycles:

Annualized rate of total sales keeps working its way lower from last year’s peak of about an 18.5 million pace, which also coincides with the deceleration in auto lending:

From WardsAuto: U.S. Forecast: Mild Sales, Growing Inventory

The report puts the seasonally adjusted annual rate of sales for the month at 17.1 million units, well above last month’s 16.5 million, but below year-ago’s 17.3 million.

The monthly volume will be 3.1% below last year. Beyond one fewer selling day, Easter occurred in April this year, unlike 2016, possibly delaying sales for some shoppers in the second half of the month. …

Sluggish sales in March left inventory levels high, with LV stock of 4.15 million units at month-end. The forecasted April inventory level sits at 4.16 million units, resulting in a fourth straight month above the 4 million mark. The only time this previously happened was in 2004, when five consecutive months surpassed that level. emphasis added

Read more at http://www.calculatedriskblog.com/#qgG4smeX8sUqimOy.99

Who else would complain about someone selling him something at too low a price, and then take action to make sure we all pay 20% more???
;)

Trump Administration Plans to Impose 20% Tariff on Canadian Softwood-Lumber Imports

By Peter Nicholas and Paul Vieira

Apr 24 (WSJ) — The dispute centers on Canadian provinces that have been allegedly allowing loggers to cut down trees at reduced rates and sell them at low prices