Coming of QE5 & Much Higher Precious Metals Prices
According to a recent post by Zero Hedge, “The ‘Oh Crap” Moment For Housing is in the Can”, Mark Hanson stated the following:
1) US Pendings Fell 21.1% MoM on an NSA basis (down more not including last month’s revision), the most on record for any Sept since Sept 2001…that’s a terrible period to comp against.
2) On a YoY basis Pendings were down 4.3% on a daily basis (Sept 2013 had 1 extra business day YoY). And remember, in Sept demand was still being pulled forward due to rates and fear of Gov’t shutdown.
3) Levels of Sept Pendings virtually ensure Oct through April Existing Sales” are lower YoY. A year ago volume outperformed (muted seasonality) in winter & spring, as new-era “investors” all dove in at the same time. This year the market will underperform (heavier than normal seasonality) due to the stimulus “hangover”. This delta will produce meaningful YoY Existing Sales declines especially through April 2014.
4) Leading indicating Western region absolute Pending Sales lowest since 2007.