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In yet another sign of a slowing economy, April residential housing construction starts declined for the second straight month in a row. At the same time, the Housing Market Index, a key gauge of homebuilder confidence, collapsed in May.
I’ve put together a compendium of data that emerged this week that continues to point to the reality of a slowing economy. The picture gets clearer as more economic measures, including non-traditional measures like the Fluffy Puppy Indicator and home foreclosures reinforce the thinking of economists that more drastic action by the Fed to get inflation under control may lead us into the “R” word…recession.
New residential sales data from the U.S. Census Bureau and the Department of Housing and Urban Development show a sharp rise in the sale of newly constructed homes for the month of December. This is the second month in a row when sales of new homes rose as compared to the sales the previous month and are at the highest rate of sales since March – a nine-month high.
In a new report on residential housing construction by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, overall housing starts in the month of November snapped a three-month slide and took their biggest jump since March of this year. Both the overall construction starts and those for single-family dwellings had their best month in the last eight months. This was a surprise…
