Housing starts jumped by 201,000 in November. While the number beat expectations in an eye popping way, I don't expect to see a meaningful upswing. Construction activity is already historically high and seems to be constrained. There is plenty of backlog of houses waiting to be built. And, we seem to be working through those unfilled orders. Units under construction [...]
I've been reading some lately about all the housing units that are coming to market and the likely hit to house prices and rents that will accompany this supply. Looking at the housing pipeline (Units permitted but not started + Units started + Units under construction + Units completed this month), we are elevated by about 680,000 units on an [...]
Housing starts rebounded nicely in May to 1631 units from a revised lower 1340 units in April. Permits went up sequentially as well, just not as much. Both series are above the historic mean and median levels. Housing starts actually showed 5.7% growth YOY. Permits declined 12.7% from a year ago, this was a slower decline and the smallest decline [...]
The SLR exemption is ending! The SLR exemption is ending! Doesn't exactly roll off the tongue, does it? There has been rampant speculation the last few weeks about the fate of the exemption the Fed provided banks a year ago with regard to the Supplemental Leverage Ratio that allowed them to ignore Treasuries and reserves. The banks themselves warned that [...]
“High frequency data”, as some of these data series are known, causes an inordinate problem for those that are unwilling to move outside of monthly changes. These are the kinds of accounts that are “noisy” and can be difficult to handle absent any real context, but that does not stop them for being used persistently to pigeonhole a viewpoint. Last [...]
Stay In Touch