After Housing Starts collapsed 12.9% in June, July rebounded just 0.9% (dramatically missing expectations of a 7.4% bounce) as Permits rose 1.5% MoM.
The housing industry is like a roller coaster. The housing crash left houses empty and people homeless. Some neighborhoods are still littered with empty and decaying homes, some having stood empty going on 10 years now.
Mortgage applications are yet another sign that housing has peaked this cycle.
Just a few months ago, real estate was on fire.
Following April's modest slowdown in home price appreciation (albeit still at record highs), Case-Shiller's 20-City Composite continued to decelerate (modestly) in May, rising 6.51% YoY (weakest since Jan 2018).
Innovation in health care is woefully lacking and government red tape is largely to blame, but seasteading just might be a way to circumvent bureaucracy without sacrificing quality.
For those who have been focusing on corporate earnings, the stock market and the global economy, a more ominous - if under-reported - flashpoint has emerged in recent days after some scary housing market numbers were published over the past week...
Calls for a "permanently high plateau" in housing come amidst uncertainty about the market.
Home prices in Sydney and Melbourne are back to 2016 levels. That is a tiny down payment as to what is coming.
'Anything-goes list-price strategy is no longer working'
•Sales of both new and existing houses and condominiums dropped 11.8 percent year over year, as prices shot up to a record high, according to CoreLogic.
With mortgage refis hovering at their lowest level since Dec 2000 (and new home mortgage apps down 9% YoY), and US housing data broadly disappointing all year, expectations were for new home sales to follow existing home sales lower (especially after
"The affordability crisis may have reached a breaking point in Portland, San Jose, and Seattle," said Redfin CEO
The Yardi Matrix/Rent Cafe expects apartment construction to decline in 2018 for the first time since 2011.
Authored by Mike Shedlock via MishTalk, "The affordability crisis may have reached a breaking point in Portland, San Jose, and Seattle," said Redfin CEO.
Existing home sales declined for the third month, fourth year-over-year. May sales were revised lower.
Economists were shocked by today's housing report. Let's go over the details.