LET THE BLOODBATH COMMENCE!
A big fat nope or nadda was the answer provided to the question posed last week about whether or not we would be surprised by this week’s housing market data. Wednesday’s release of November’s HMI (Housing Market Index) low-bar expectation of 36 was missed significantly, as the number came in at a pathetic 33. YIKES… The data showed that Present Sales fell month-on-month from 45 to 39, while Future Sales crumbled from 35 to 31, and the all-important Buyer Traffic of providing any near-term hope to home-builders cratered from 25 to 20. YUCK! Adding to that pain, October Housing Starts and Permits released Thursday showed that the SAAR of Starts landed at 1.425M, down from the previously revised mark of 1.488M in September, while Building Permits beat expectations of 1.516M, coming in at 1.526M, but down from last months 1.564M mark.
Don’t fret, as there was a bit of positive news this week, as the 30-year mortgage rate pierced below the 7% mark while the 15-year rate came in near 6.25%. Regardless of what the data showed this week, we all have much to be thankful for. As things can ALWAYS be worse. Just ask Sam Bankman-Fried. But I digress. I will get back on track, cut right to the chase, jump into what I do best, and share with you what transpired this past week in the place I like to call: ‘The Wonderful World of Wood”. Enjoy…