Housing Archive

Pending home sales, Durable goods orders, oil rigs and production

Recovered to trend but only because this chart isn’t adjusted for inflation: Nor does the narrative that consumers have gone crazy buying goods seem to be holding up: Not a lot of growth here: ...Read More

Housing starts, Consumer price index, Philly Fed survey

Nice move up after a large move down. Note that the average of the last two months is about where this series has been. And, again, it’s the permits that count, and they are about the same as last month. And not to forget mortgage applications to buy homes fell a full ...Read More

Mtg purchase apps, new home sales, Payroll taxes

Down some, still depressed and going nowhere: MBA Mortgage Applications Highlights Purchase applications for home mortgages fell back by 1 percent in the March 18 week, bringing down the year-on-year increase to a still very strong 25 percent, though some loss of momentum in this component is evident. Refinancing applications continued in ...Read More

Mtg prch apps, CPI, Housing starts, Industrial production

Working their way a bit higher but still seriously depressed: With the year over year CPI increase now only 1% the Fed can only wait and see if headline will catch up to core and ‘justify’ their tightening bias. Consumer Price Index Highlights The CPI core is showing pressure for a second ...Read More

Retail sales, Redbook retail sales, Housing index, Business inventories and sales, Empire manufacturing, MEW, Atlanta Fed

Just plain bad. Including last month’s downward revision. And, again, sales = income, and lower income means less to spend in the next period: Retail Sales Highlights Consumer spending did not get off to a good start after all in 2016 as big downward revisions to January retail sales badly upstage respectable ...Read More

Chicago PMI, Pending home sales, EU inflation, G20 statement, Virginia jobless claims

As previously suspected, last month’s higher print was just a bit of volatility on the way down, as per the chart: Chicago PMI Highlights Another month and another month of wild volatility for the Chicago PMI which lurched from solid expansion in January to noticeable contraction in February. At a headline 47.6, ...Read More

New home sales, PMI services, Mtg purchase apps, Tsy yield

Challenging to put a good spin on this one, but they gave it their best shot, as the wheels are coming off at every turn: New Home Sales Highlights A downturn out West helped pull new homes sales down a steep 9.2 percent in January to a lower-than-expected annualized rate of 494,000. ...Read More

Mtg purchase apps, Housing starts, Redbook retail sales, Industrial production, E commerce retail sales

Purchase apps down again: MBA Mortgage Applications Highlights Falling mortgage rates continue to drive refinancing applications sharply higher, up 16 percent for a second straight week. Purchase applications, up 30 percent year-on-year, are also being driven higher though they declined 4 percent in the latest week. The average rate for 30-year conforming ...Read More

NY Mfg survey, Home builder’s index, oil losses, Japan, China trade, euro trade

A lot worse than expected and still deep in contraction: Empire State Mfg Survey Highlights For the seventh straight month, the Empire State report is signaling significant contraction for the manufacturing sector. The general business conditions index for February came in below low-end expectations, at minus 16.64 vs even deeper contraction of ...Read More

Mtg purchase apps, Car sales comments, ADP, ISM services, Exxon capex, BOJ comment

Up last week now back down as this sector remains in prolonged depression: MBA Mortgage Applications Highlights The purchase index has been posting outsized gains this year but not in the January 29 week, falling 7.0 percent. The refinance index, however, did post a gain in the week, up 0.3 percent. Low ...Read More