Housing Archive

Fed white paper, building permits, transport charts, Japan trade

So someone on high sees it much like I do… ;) In a white paper dissecting the U.S. central bank’s actions to stem the financial crisis in 2008 and 2009, Stephen D. Williamson, vice president of the St. Louis Fed, finds fault with three key policy tenets. Specifically, he believes the zero ...Read More

housing starts, redbook retail sales

Permits always lead, as there are no starts without permits. And in NY it was the rush to get multi family permits in before June 15 when a tax break expired is what caused the prior surge in permits and some starts as well and is now reversing: Housing Starts Highlights Building ...Read More

MTG Purchase Apps, EU Industrial Production, China Industrial Production, JOLTS

Yes, purchase apps are up 20% vs last year, but you can see from the chart the number of applications has leveled off and declined a bit more recently this year, and remains at depressed levels: The slump in industrial production is global: European Union : Industrial Production Highlights Industrial production declined ...Read More

Fed Labor Indicator, NY Fed Consumer Expectations, Lumber Prices, China Trade

This Fed indicator, whatever it means, just went down some: Labor Market Conditions Index Highlights If the Fed relied exclusively on its labor market conditions index, no one would be in much hurry for the rate hike. The index for July came in slightly below expectations at 1.1 vs a revised 1.4 ...Read More

Mortgage Purchase Apps, EU Retail Sales, Payroll Tax, ADP, Trade, Equity Comment

While still historically very low, purchase apps are now way up over last year’s particularly depressed levels. Some are replacing all cash buyers, but the increase is also in line with increased existing home sales. While new home sales were soft, turnover of existing homes has been increasing, and while not directly ...Read More

PMC, Personal Income, ISM Manufacturing, Construction Spending, Car Sales

Another PMC, and an estimated $45 million check to Boston’s Dana Farber for cancer research! Congrats to all the donors and participants- over 6,000 riders and thousands of volunteers handling the logistics! Special nod to Billy and Meredith Starr for a most successful 35th PMC and total donations approaching $500 million!!! And ...Read More

Pending Home Sales, Atlanta Fed, MTG Purch. Apps

Confirms other indicators of housing a bit volatile but still depressed and going nowhere: Pending Home Sales Index Highlights In a negative for the summer home-sale outlook, pending sales of existing homes fell a sharp 1.8 percent in June. The low-end Econoday forecast was for a gain of 0.4 percent. The year-on-year ...Read More

Redbook Retail Sales, Case-Shiller House Prices, PMI Services, Consumer Confidence, Richmond Fed, Oil Capex, Truck Tonnage

Still bad: source: Econoday.com Softening: source: Econoday.com I don’t put much weight on Markit surveys, but the optimism comment is interesting: source: Econoday.com Highlights Service sector growth is strengthening slightly this month based on Markit’s July flash index which is up 4 tenths to a very solid 55.2. New orders are at ...Read More

PMI Manufacturing Index, New Home Sales, Redfin Real Estate Report, Rail Traffic

source: Econoday.com Highlights The manufacturing PMI is holding steady, coming in at a composite 53.8 in the July flash and right in line with the 54.0 final reading for June and June’s 53.4 flash. Though respectable, these are soft rates of growth for this report which runs hot relative to other manufacturing ...Read More

Truck Tonnage, MTG Purchase Apps, Gas Prices Not Helping, Existing Home Sales, Architectural Index

Who would’ve thought… Up some but still depressed and not part of GDP in any case: Up a bit but note the details: “The June numbers are likely showing some catch-up from slow growth earlier this year. This is the first month in 2015 that all regions are reporting positive business conditions ...Read More