The trend in sales is probably not as weak as this seems to suggest, but there is no question that the condoco-op market is slowing much more dramatically than the market for single-family homes. Even in the latter case, however, sales have fallen more than 10 from their summer peak.
More Quotes from Ian Shepherdson:
The January revision is mostly due to the plunge in aircraft orders reported in the durable-goods numbers. In February, the index was pulled down by lower consumer confidence, higher jobless claims, shorter delivery times and lower building permits.Ian Shepherdson
A serious downturn in housing activity will have to wait until there is a meaningful increase in mortgage rates, ... For that, we have to wait until payrolls take off and the Fed signals tighter policy.
Ian Shepherdson
The upcoming data will soon enough force the Fed to change its stance, otherwise it will begin to look ridiculous,
Ian Shepherdson
This report is stronger than it looks and is consistent with the industrial recovery gathering pace,
Ian Shepherdson
There's no question that these numbers have been persistently disappointing in recent weeks, ... It's not that layoffs are accelerating again -- we think the underlying trend of claims is stable at about 390,000 -- it is that we expected clearer signs of an outright decline in the number of claims.
Ian Shepherdson
The labor market is tightening, but the tightening is not accelerating.
Ian Shepherdson
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