Existing home sales re-attained the 5 million SAAR level again in June, but that remains well behind last year’s trajectory. In other words, the bounce in sales after the most recent trough is not nearly as robust as predicted when it was simply assumed that the housing market would just revert back to 2013’s trend. In terms of yearly comps, [...]
The housing construction data was delayed purportedly by the government shutdown in October. The expectation was that the September data would be released concurrent with the October data; which itself would be delayed by a few weeks. Given the state of housing uncertainty driven by financial parameters and recent trajectories, these are relatively important statistical updates. Rather than get the [...]
Despite a slight rebound in mortgage refi applications from the absolute low (for now) in the middle of September, the decline in purchase applications actually appears to be steadily eroding mortgage finance. We already know about bank concerns over declining volumes, and the potential liquidity issues from QE, left unanswered to this point is the consumer effect. While this monetary [...]
While it appears the refi boom that began in early 2011, rising sharply throughout 2012, has tapered fully, the mortgage activity surrounding home purchases is also on the verge of joining that retrenchment. Year-over-year, mortgage applications for purchases are nearly flat and are receding to early 2012 levels. The big banks have begun reducing staff counts, a very convincing signal [...]
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