Global Macro Perspectives
U.S. housing starts in July rose 1.7% to 546.000 vs. revised (12.000 lower) 537.000 June reading. The consensus was at 560.000. Building permits in the same period rose 3.1% to 565.000. Chart 1. U.S. Housing Starts Chart 2. U.S. Building Permits
HMI for July came out at 13 vs. 14 in July. Consensus was at 15. All components edged lower except traffic of perspective buyers which remained unchanged. Chart 1. NAHB / Wells Fargo Housing Market Index
MBA mortgage applications rose 0.3% for week ending August 6, prior reading was an increase of 1.5.%. Both refinance index and purchase index rose 0.6%. Chart 1. MBA Mortgage Applications
MBA mortgage applications rose 1.3% for week ending July 30, the prior reading was a decrease of 4.4.%. Refinance index rose 1.3%; Purchase index rose 1.5%. Chart 1. MBA Mortgage Applications
Pending home sales index fell 2.6% in June vs. revised fall of 29.9% in May. New all-time low. Chart 1. Pending Home Sales Index
U.S. construction spending rose 0.1% MoM in June vs. -0.5% consensus and 0.2% rise in May. On a year level we are at -7.9%. Chart 1. U.S. Construction Spending
MBA mortgage applications fell 4.4% for week ending July 23, the prior reading was an increase of 7.6%. Refinance index fell 5.9%; Purchase index rose 2.0%. Chart 1. MBA Mortgage Applications
S&P/Case-Shiller HPI 10 city composite rose 1.7% in May; S&P/Case-Shiller 20 HPI composite rose 1.3% in May. Seasonly adjusted S&P/Case-Shiller HPI 10 city composite rose 0.5%; Seasonly adjusted S&P/Case-Shiller HPI 20 city composite also rose 0.5%. Chart 1. S&P/Case-Shiller Composite 10 Chart 2. S&P/Case-Shiller Composite 20
New home sales rose 23.6% in June to 330.000, the consensus was at 300.000, prior reading (revised downward 33.000) was at 267.000 (!!! worst reading on record). Wondering if they switched 33.000 from May revision to June? Chart 1. New Home Sales
U.S. Existing home sales fell 5.1% to 5.37 million units SAAR. Consensus was at 5.1 million. Total housing inventory is at 4.0 million units vs. 3.9 million units in May Months supply rose from 8.3 to 8.9 months. Chart 1. Existing Home Sales Chart 2. Existing Home Sales Inventory & Existing Home Sales Months Supply SAAR
MBA mortgage applications rose 2.9% for week ending July 16, the prior reading was a decrease of 2.9%. Refinance index rose 8.6%; Purchase index rose 3.4%. Chart 1. MBA Mortgage Applications
U.S. housing starts were reported at 549.000 vs. revised 578.00 May reading. The consensus was at 577.000. Building permits in the same period rose 2.1% to 586.000. Chart 1. U.S. Housing Starts Chart 2. U.S. Building Permits
HMI for July came out at 14 vs. downward revised 16 in June. All components were down, most notably traffic of perspective buyers hit 10 vs. 13 in June. Chart 1. NAHB / Wells Fargo Housing Market Index
MBA mortgage applications fell 2.9% for week ending July 9, the prior reading was a rise of 6.7%. Both refinancing index and purchasing index fell 2.9%. Lowest reading for a Purchase Index since 1996. Chart 1. MBA Mortgage Applications
MBA mortgage applications rose 6.7% for week ending July 7, the prior reading was a rise of 8.8%. The refinancing index gained 9.2% and is responsible for a composite rise. Purchasing index fell 2.0%. Chart 1. MBA Mortgage Applications