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More “Recovered” Housing Market News



Pending home sales saw a modest monthly uptick but missed expectations for the fifth month in a row – the latest round of disappointing data for one of America’s most important economic indicators.

Nonetheless industry leaders are undeterred heading into the new year …

“We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” the National Association of Realtors’ top economist noted.

Really?  “Positive fundamentals” in the job market?  Somebody forgot to tell that to these people … 

Also we think “contract activity in 2014” will be severely depressed by the 1,800 pages of new home ownership loan regulations promulgated by the nation’s latest market-infringing bureaucracy, the U.S. Consumer Financial Protection Bureau (CFPB).

Rising mortgage rates probably won’t help either …

FITS has been consistently calling out the housing “recovery,” and nothing in this data set strikes us as evidentiary of a positive correction.