From the sales point of view, U.S. housing remains way below the bubble highs of a decade ago, but several other metrics have pushed into record territory. November’s existing home sales were published this week. They were up 5.6 percent … Continued
Rates are rising – probably not enough to seriously hurt sectors such as housing, but will in due course if the momentum continues. In merely nine sessions, 10-year Treasury yields have gone up by 24 basis points to 2.28 percent, … Continued
Later this morning, sales of existing homes for May will be published. On Friday, new home sales come out for the same month. Using a 12-month rolling average, sales of existing homes in April were 5.51 million units and new … Continued
ITB, the iShares U.S. home construction ETF, has posted seven straight positive months. The rally began last November – post-election. Momentum is not broken, but is not in acceleration either. May was essentially unchanged – up 0.25 percent – with … Continued
Peak optimism? We are increasingly beginning to hear commentators/observers use that phrase in media interviews, articles as well as on social media. Among other things, Charts 1 and 2 are probably to blame. In the latest week, Investors Intelligence bulls … Continued
U.S. sales of existing homes increased 0.7 percent month-over-month in November to a seasonally adjusted annual rate of 5.61 million units. This was the highest since 5.79 million in February 2007 (Chart 1). Sales had been flat for over a … Continued
U.S. sales of homes – both new and existing – are at/near cycle highs. This amidst personal incomes that are struggling to rise with surging home prices. Against this background comes the recent backup in mortgage rates, particularly post-Trump victory. … Continued
U.S. household real estate has come a long way. Back in 2Q06, the market value of U.S. household real estate peaked at $22.7 trillion, before coming under sustained pressure after the bubble burst. Amazingly, in the next five years, it … Continued
U.S. housing continues to send mixed signals … has been that way for a while. August’s existing home sales will be reported later this morning. July was down 3.2 percent month-over-month to a seasonally adjusted annual rate of 5.39 … Continued
Next week brings three important housing-related data points: the NAHB/Wells Fargo housing market index (September), existing home sales (August), and housing starts (August). In July, starts rose 2.1 percent month-over-month to a seasonally adjusted annual rate of 1.21 million units, … Continued