Market Soapbox 05/16/08
Summary: Headlines read consumer sentiment below expectation while housing starts rebound... under the sheets... a dead cat bounce.
Consumer Sentiment hits a 28 year low while Housing starts hit a 17 year low...
Out West, a 45% YTD decline in actual starts while the harbinger of future activity, permits shows a 53% YTD decline.
Mich Sentiment-Prel. May 59.9 vs 62.6
Inside the number: The consumer going into the tank along with the economy.
Falling to a 28 year low on gasoline prices, rising inflation, declining economic conditions and home values.
Building Permits +4.9% Apr 978K vs 932K Full Report
Inside the number: Permits Yoy -34.3%, YTD -35.2%; SFR +4% at 646K; Yoy -40.1%, YTD 41.4$;
SFR West +3.1%; Yoy -50.2%; YTD -52.8%.
Housing Starts Apr +8.2% 1032K vs 954K; Yoy -30.6%, YTD -29.9%. SFR -1.7% at 692K the lowest since Jan 1991. Yoy -42.2%, YTD -39.4%.
SFR West YTD -44.7%.
SF Fed Head Yellen: "Home construction and property values seem likely to decline well into 2009."
Consumer Sentiment hits a 28 year low while Housing starts hit a 17 year low...
Out West, a 45% YTD decline in actual starts while the harbinger of future activity, permits shows a 53% YTD decline.
Mich Sentiment-Prel. May 59.9 vs 62.6
Inside the number: The consumer going into the tank along with the economy.
Falling to a 28 year low on gasoline prices, rising inflation, declining economic conditions and home values.
Building Permits +4.9% Apr 978K vs 932K Full Report
Inside the number: Permits Yoy -34.3%, YTD -35.2%; SFR +4% at 646K; Yoy -40.1%, YTD 41.4$;
SFR West +3.1%; Yoy -50.2%; YTD -52.8%.
Housing Starts Apr +8.2% 1032K vs 954K; Yoy -30.6%, YTD -29.9%. SFR -1.7% at 692K the lowest since Jan 1991. Yoy -42.2%, YTD -39.4%.
SFR West YTD -44.7%.
SF Fed Head Yellen: "Home construction and property values seem likely to decline well into 2009."
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