Five percent is looking more and more like the level where the Fed needs to stop. Anything beyond 5 and there's a real danger to over-kill the housing market, which would have a negative effect on the whole economy.
More Quotes from Frank Hsu:
I was getting long all morning, because I can tell you the new houses on my street are not selling. A 10.5-percent drop reinforces what people are saying about the housing market slowing.Frank Hsu
The GDP data was weak, but the key is new home sales. The Fed right now has one thing to worry about, and that is the housing sector. And this number must give it a big relief.
Frank Hsu
We're breaching key support levels here and that has triggered more selling. We're seeing a combination of central bank selling and portfolio managers hedging.
Frank Hsu
It was an average auction.
Frank Hsu
The market was expecting a bigger number. Perhaps there was a bit of disappointment and so the market sold off.
Frank Hsu
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