Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Memetrics
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | |
| S&P futures | 3,871 | 36.15 |
| Oil (WTI) | 100.77 | 1.95 |
| 10 year government bond yield | 3.00% | |
| 30 year fixed rate mortgage | 5.78% |
Stocks are higher this morning as earnings continue to come in. Bonds and MBS are flat.
Homebuilder sentiment collapsed in July according to the NAHB / Wells Fargo Housing Market Index. “Production bottlenecks, rising home building costs, and high inflation are causing many builders to halt construction because the cost of land, construction, and financing exceeds the market value of the home,” says NAHB chairman Jerry Konter. “In another sign of a softening market, 13% of builders in the HMI survey reported reducing home prices in the past month to bolster sales and/or limit cancellations.”
The issues surrounding inflation and supply chain bottlenecks are well-known, however it looks like demand is softening, which is new. Fears of a recession, along with high prices and rates are causing potential buyers to put plans on hold for the moment. It will be interesting to see the cancellation rates when the builders start reporting.
Housing starts disappointed again, falling 6.3% YOY to a seasonally adjusted annual rate of 1.55 million. Building Permits were flat at 1.66 million. It looks like activity is primarily slowing in the West, where prices have been soaring. Single family starts are still holding up.
The stock market has noticed the issues surrounding homebuilding, with the S&P SPDR Homebuilder ETF (XHB) down 31% YTD.
The Mortgage Bankers Association reported that applications for new home purchases fell 12% YOY in June. “Higher mortgage rates and heightened economic uncertainty cooled borrower demand in June, leading to new-home purchase applications declining to the lowest level since April 2020,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Additionally, new residential construction and permitting activity weakened from March through May, reducing the number of homes available for home buyers. MBA’s estimate of new home sales for June fell to a pace of 620,000 homes, a 15 percent drop of over 100,000 units compared to May.”
Filed under: Economy |
All Things in Moderation 
Apparently they really believe that litigating Trump’s tweets is effective political messaging:
“A new Jan. 6 witness shows why Trump’s 2:24 p.m. tweet is lethal
By Greg Sargent”
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They imagine the Max Boots / Jen Rubins and Jonah Goldberg have more pull than they really do
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Been Shapiro has more influence in his pinky finger than all those folks put together.
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They do. They don’t perceive any need to speak to anyone outside of themselves. That it’s a focus in Tweets is significant—to them there is no world outside Twitter.
When more people hate Twitter now than ever.
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I love the premise that somehow it’s the one 2:24 PM tweet that will do him in. Not all the others. As Greg comments, it’s “lethal”.
Walls are closing in and all that.
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