The recent rise in mortgage rates in 2013 has provided for a
slowdown in certain measures of the health of the housing market and so
December’s +1% rise in Existing Home Sales (EHS) is somewhat
encouraging. The consensus estimate was for a +0.6% gain.
However, clear signals of housing shaking off the effects of
the rise in mortgage rates were still missing. November’s EHS was revised
down sharply from -4.3% to -5.9% and it was off -0.6% year-over-year... And
while sales prices continue to rise (+9.9% Y/Y), it had been rising more
rapidly 6 months ago.
The next data release of interest is Pending Home Sales due
next week.
Tradex Global Advisory Services, LLC
investorrelations@thetradexgroup.com
203-863-1500
@Tradex_Global
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