Steven Wood Quotes on Sales (4 Quotes)

Housing fundamentals are deteriorating. Mortgage rates have been flat since the beginning of the year. Job creation and income growth has slowed. Equity markets have plunged over the past year. And consumer confidence has tumbled. Moreover, mortgage applications have trailed off. All of these suggest that home sales should weaken over the next several months.

The data are heavily distorted by a large military contract and the surge in vehicle sales. Once these have dissipated, orders and shipments will sag again.

Unless there is a quick rebound in sales, this suggests further weakness in production and declines in inventories over the months ahead.

Although the level of sales is still relatively high, the solid growth of the past three years has been arrested, helping the Fed's efforts to slow the pace of economic growth, ... However, mortgage rates have declined over the last six weeks, so further substantial weakness may not be forthcoming.