Pending Home Sales May & Wholesale Inventories
Summary: Headline reads pending home sales decline more than expected.
Under the sheets, last months spike proves transitory as the liquidity trap widens.
Headline reads wholesale inventories increase. Under the sheets,
sales unadjusted for price expose true double digit stagflation.
Pending Home Sales May -4.7% vs -7.1% Full Report
Inside the number: prior revised up from -6.3%. Yoy -14%.
The prospect of further price declines may be discouraging offers, while rising mortgage rates and tougher lending standards make it harder to qualify for loans.
Meanwhile, falling property values and tighter lending standards make it harder for people to refinance their home loans...
before their adjustable rate mortgages reset at higher rates, increasing inventory for sale while causing more short sales, foreclosures and price declines.
Wholesale Inventories May +0.8% vs 1.4% Full Report
Inside the number: a mirror image of double digit stagflation as unit sales are down.
Overall sales unadjusted for price up +1.6% in May and +13.7% Yoy. Yoy lumber -9.4%; furniture -8.7%; farm products +51.6%; petroleum +45%.
Sales durable goods -0.2%; Yoy +7.6%; non durable goods +3.2%; Yoy +19.2%.
Inventories durable goods +0.8%; Yoy +5.6%; non durable goods +0.7%; Yoy +14.2
Under the sheets, last months spike proves transitory as the liquidity trap widens.
Headline reads wholesale inventories increase. Under the sheets,
sales unadjusted for price expose true double digit stagflation.
Pending Home Sales May -4.7% vs -7.1% Full Report
Inside the number: prior revised up from -6.3%. Yoy -14%.
The prospect of further price declines may be discouraging offers, while rising mortgage rates and tougher lending standards make it harder to qualify for loans.
Meanwhile, falling property values and tighter lending standards make it harder for people to refinance their home loans...
before their adjustable rate mortgages reset at higher rates, increasing inventory for sale while causing more short sales, foreclosures and price declines.
Wholesale Inventories May +0.8% vs 1.4% Full Report
Inside the number: a mirror image of double digit stagflation as unit sales are down.
Overall sales unadjusted for price up +1.6% in May and +13.7% Yoy. Yoy lumber -9.4%; furniture -8.7%; farm products +51.6%; petroleum +45%.
Sales durable goods -0.2%; Yoy +7.6%; non durable goods +3.2%; Yoy +19.2%.
Inventories durable goods +0.8%; Yoy +5.6%; non durable goods +0.7%; Yoy +14.2
Comments