by confoundedinterest17
US Existing Home Sales were 5.61M SAAR in April, down -2.4% from March’s -3.0% MoM reading. But median prices YoY for existing home sales printed at 14.85%, still hot, hot, hot.
With 3 consecutive declines in MoM existing home sales, how can prices still be raging at 14.85%? First, inventory for sale in April remains low compared to 2010 (yellow line). Second, The Federal Reserve’s Stimulypto (excessive monetary easing) is still out there in force despite Jerome “Slowhand” Powell signaling rate increases (green line). 30Y mortgage rates are still rising.
Where do we go from here? 30 year mortgage rates have been climbing as The Fed signals its intents to tighten monetary policy. But with global economic slowing, Treasury yields have been coming down (like today’s -5.2 BPS drop (Germany’s 10Y Bund Yield dropped -8 BPS on slowing global economic growth).
But remember, the Existing Home Sales numbers are for April.
Trending:
- CRISIS IN SRI LANKA, No Gas, No Food, Country is Bankrupt, Politicians Being Beat, Murdered, Gov Buildings on Fire, Over 3000 killed in last 24 hours
- New York Post: Front Page: “Joe’s Train Wreck”
- From 1958, 2003/06 – CDC Vaccine Adverse Events, Smallpox – Holy Hell
- A large fire is spreading from a pallet yard behind the US Foods distribution center in Phoenix, Arizona
- Madison Cawthorn Kicked Out of Congress for Blowing the Whistle on GOP Orgies and Calling Out Zelensky
- 5th Circuit Court finds SEC operates unconstitutionally
- 12 Nightmarish Economic Trends That We Should Expect To See During The 2nd Half Of 2022
- A “Smallpox-Like Virus” Has Now Spread To Spain, Portugal And The United States
- Is the next Great Muppet Reaping at hand?
-
See also Inflation gave most Americans a 2.6% wage cut in April… ‘Real food poverty for first time in a generation’
Views: 11