As I predicted on Friday's Bulls & Bears program on FOX Business, all four of this week's housing indicators will show the housing market basically...sucks, for lack of a better word, and throw any nonsensical talk about a housing recovery right out the window.
Today, we received the Homebuilder's Sentiment Index and the print came in at 18 versus 19 last month. What's unique here is the index has actually been going up since February. In addition, most so-called Wall Street gurus predicted the index print would come in at 20. Ridiculous!
Tomorrow, we'll get permits and housing starts. Look for more pessimistic data.
Sorry to be negative Nellie, folks, but I can tell you we may be on deck for another downturn in the economy. Stay tuned...
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, LLC