RIF - The Bottom In Housing May Be Near
Introduction
Normally, I don't post on existing home sales, but since no data on new home construction or sales beyond last November has been reported yet, this, along with purchase mortgage applications, is the best data we have.
Mortgage rates and home prices relative to income suggest a bottom in housing sometime this spring
According to the NAR, January existing home sales were the lowest since November 2015, at 4.94 million annualized, and were 15% below their best levels in late 2017.
While the correlation isn't perfect, at least in terms of direction, new