New home sales better than expected, but remember it’s about permits, as no home is built without one:
Note how weak this is vs past cycles:
Annualized rate of total sales keeps working its way lower from last year’s peak of about an 18.5 million pace, which also coincides with the deceleration in auto lending:
From WardsAuto: U.S. Forecast: Mild Sales, Growing Inventory
The report puts the seasonally adjusted annual rate of sales for the month at 17.1 million units, well above last month’s 16.5 million, but below year-ago’s 17.3 million.
The monthly volume will be 3.1% below last year. Beyond one fewer selling day, Easter occurred in April this year, unlike 2016, possibly delaying sales for some shoppers in the second half of the month. …
Sluggish sales in March left inventory levels high, with LV stock of 4.15 million units at month-end. The forecasted April inventory level sits at 4.16 million units, resulting in a fourth straight month above the 4 million mark. The only time this previously happened was in 2004, when five consecutive months surpassed that level. emphasis added
Who else would complain about someone selling him something at too low a price, and then take action to make sure we all pay 20% more???
By Peter Nicholas and Paul Vieira
Apr 24 (WSJ) — The dispute centers on Canadian provinces that have been allegedly allowing loggers to cut down trees at reduced rates and sell them at low prices