Roughly Unchanged After Gradual Weakness

Roughly Unchanged After Gradual Weakness Bonds ended the day roughly unchanged despite this morning's stronger start. With the S&P falling back to the lows of the day, we can't really blame asset allocation trading between stocks and bonds. It's easier to blame a mid-day surge in fuel prices (especi

Housing Starts Snap Back as May's Multifamily Drop Proves Short-Lived

Residential construction rebounded in June as housing starts and completions recovered from May's unusually weak levels, though building permits continued to trend lower. The latest Census Bureau data suggests that while builders remain cautious about future projects, construction activity itself re

Pending Home Sales Decline But Remain Broadly Range-Bound

Pending home sales declined in June as elevated mortgage rates and record-high home prices continued to weigh on buyer demand. The National Association of Realtors' Pending Home Sales Index (PHSI), which tracks signed contracts on existing homes, fell 5.4% from May and was down 0.3% compared with a

Builder Confidence Remains Stuck Near Post-Recession Lows

Builder sentiment weakened further in July as affordability challenges and ongoing economic uncertainty continued to weigh on the market for new single-family homes. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) slipped two points to 34 , marking the 15th co