The pace of new home sales continues to be stuck right below that 500k SAAR, a flattening of activity that dates back really to January 2013. The data has at times peaked above 500k only to be revised subsequently lower, which does not provide a whole lot of confidence about recent months. January’s level was slightly below December, but volatility [...]
I often stand in amazement at what passes for conventional wisdom, or more precisely what is being attempted as such. Only one year ago the tendency to view the housing market as the next great growth engine was ubiquitous all across economic commentary. It had “clearly” and “unarguably” turned from a maddening headwind to a comforting tailwind. More than a [...]
The annual Jackson Hole central banker extravaganza is in full swing and ZeroHedge notes a couple of important new factors in the ongoing taper drama. First, an academic “study” on how to withdraw QE without disrupting the real economy. In that study, the authors make the following claim: “The Fed’s purchases of a substantial amount of the new issuance of [...]
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