Biden Campaign Responds to Reports He's Dropping Out
We Must Hope This Biden Development *Isn't* True
Was This the Cringiest Moment During Biden's Disastrous BET Interview?
From the Top Rope, Obama Bodyslams Biden's 2024 Chances to Dem Allies
Biden Faces More Than Bad Polling and a Total Dem Rebellion. His Campaign...
Whistleblowers Reveal What Secret Service Said During Briefings Before Trump Assassination...
Ex-Secret Service Agent Goes Scorched Earth on Agency Over Trump Assassination Attempt
Wait Until You Hear Joy Reid's Disgusting Comments About Iconic Trump Shooting Photo
Democratic Congresswoman Joyce Beatty Declares 'We're Going to Make America Great Again!'
CNN Urges Biden to Use His Covid Diagnosis as 'Excuse' to Drop Out...
Jasmine Crockett Really Posted This After Trump Was Nearly Assassinated
The Reason Why This Fraternity Is Receiving Backlash Will Shock You
Here's What the President's Physician Has to Say About Biden Testing Positive for...
New Swing State Poll Spells Catastrophic News for Biden
Here’s What Trump’s Family, Republican Lawmakers Said About His Injury From the Assasinati...
OPINION

Out of the Basement

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
Advertisement
Advertisement
Advertisement

I know this week is about earnings, but we have gotten a few reads on housing, and they couldn't come at a better time. Housing simply cannot gain any traction and it is extraordinarily frustrating. New home sales have fared well. However, with existing homes and the continued reluctance of younger fence-sitters, we need to see first-time buyers climb above 30%, and eventually get north of 40% before we can call the housing market healthy.

Advertisement

That being said…

The bullish case for the housing market coming into the week included the lack of supply in absolute numbers as measured by the months' supply plunging recently for new homes and trending near post recession lows for existing home sales.

In addition, mortgage applications have begun to take off, although there have been many false starts during the past couple of years...it looks like something's in the air beyond the smell of springtime. On a year-to-year comparison, applications to purchase have gathered steam as the 30-year rate began to drift lower.

Corporate earnings and all the excuses will take center stage; however, housing data could carry the session. Below are some of the notable companies that reported earnings Wednesday morning.

Wednesday’s Session

The Mortgage Bankers’ Association (MBA) announced that weekly mortgage purchase applications recovered during the week ended April 17th. The composite index rose 2.3% after declining 2.3% the prior week, largely influenced by purchasing component rebounding 5% after falling 3% in the prior week – year-over-year purchase applications are up 16% for the week of April 17th. This shows that momentum is building, however, year-over-year changes provided a clearer picture of what’s really going on in the market. Also, with rates remaining low at 3.83%, consumers are becoming more encouraged to refinance their homes. The refinancing component rose 1% after falling 2% in the prior week.

Advertisement

Improvements in the housing market were highlighted by real estate firm, ABI. On a month over month basis, the amount of new units, contracts, and types of buildings constructed improved on a monthly basis:

Sponsored

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos