Steven Wood
Steven Wood
Steven Woodwas an Australian sprint canoeist and marathon canoeist who competed in the late 1980s and early 1990s. Competing in two Summer Olympics, he won a bronze medal in the K-4 1000 m event at Barcelona in 1992...
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With last week's Fed tightening, mortgage rates have continued to rise, so that further declines in housing activity are likely over the balance of the year. Nevertheless, robust labor markets and rising incomes have helped sustain housing at a relatively high level.
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While some of the decline was related to the effects of Hurricane Floyd, the fact that all four regions fell suggests that higher mortgage rates are also having a constraining effect.
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The demand for new housing surged, likely because rising mortgage rates motivated some potential homebuyers to accelerate their buying decisions.
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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.
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Although mortgage rates have declined over the past three weeks, mortgage applications volumes have continued to fall. This is partially due to the flat yield curve and partially due to tighter lending standards by financial institutions.
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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.
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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.
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The Sept. 11 terrorist attacks seem to have had little impact on the factory sector so far. However, many industries have already reported further production cuts as demand has waned. A more substantial contraction is expected next month.
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The sharp slowing in domestic demand has dramatically reduced imports. Weakening economic activity in our major trading partners has significantly reduced the foreign demand for American-made products.
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These data suggest that the manufacturing sector continues to bleed. Lower interest rates, fiscal stimulus and declining energy costs have not yet made any difference to this part of the economy.
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These data suggest that a manufacturing turnaround has not yet arrived.
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These data suggest that a bottoming in economic activity is taking place, but that a bit more inventory adjustment is needed to insure a re-acceleration in growth.
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These data suggest that a bottoming in economic activity is taking place, but a bit more inventory adjustment is needed to insure a re-acceleration in growth,
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These data provide some encouraging news for the factory sector, as unwanted inventories are being worked off and shipments have bounced.