Wednesday, July 22, 2009

Housing Recovery Ingredients

This morning we learned that the OFHEO index rose from April to May (especially in the Pacific region). More interesting is that the OFHEO data continue to show that housing price declines stopped sometime in late 2008 or early 2009.

Housing construction spending hit new lows in May, though. And the Case-Shiller price index has still yet to confirm what the OFHEO index has been saying for a while. But the June 2009 jump in housing starts may suggest that construction spending and the Case-Shiller price index will also show evidence of a recovery in June or July.

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