THE BASIS POINT

Housing Slowing?

 

MBA Mortgage Applications (week ended 4/22/2016)

– Purchase Index Week/Week -2.0%. Previous weeks were -1.0%, +8.0%, -2.0%, +2.0%, -1.0%, +0.3%, +4.0%, -1.0%, +2.0%, -4.0%, +0.2%, -7.0%, and +5.0%,.

– Refinance Index Week/Week -5.0%. Previous weeks were +3.0%. +11.0%, +7.0%, -3.0%, -5.0%, -6.0%, -2.0%, -7.0%, -8.0%, +16.0%, +16.0%, +0.3%, and +11.0%.

– Composite Index Week/Week -4.1%. Previous weeks were +1.3%, +10.0%, +2.7%, -1.0%, -3.3%, -3.3%, +0.2%, -4.8%, -4.3%, +8.2%, +9.3%, and -2.6%.

Purchase applications are up 14% year-on-year.

 

 

Pending Home Sales Index  (March 2016)

– Pending Home Sales Index month/month +1.5%.  Previous was +3.4%.

This data comes from The National Association of Realtors.  It is supposed to be a leading indicator of Existing Home Sales. The data for housing is weakening.  Prices remain strong due to lack of sufficient supply. The middle class dream of home ownership is fading a bit.

 

 

Goods Trade Deficit


–  Deficit $56.9 billion.  Previous was $62.9 billion

Imports were down 4.4%. Exports were down 1.7%.  The 4.4% decline in imports is significant.  It indicates that people are buying less imported stuff because people are buying less in general.

 

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