What I Saw Last Week
The Northwest Multiple Listing Service released its data on the regional housing market and, as I had anticipated, sales and listings were generally higher than seen in February and prices rose by 2.7% – just below my forecast for an increase of 3 percent.
What was particularly noticeable in the data was the surge in month-over-month sale prices even given the contraction in listings. This is still far from a balanced market and certainly in favor of home sellers.
Consumer Credit in the U.S. rose by $15.5B in February, after increasing by a downwardly revised $10.8B (from $11.6B) in January. I had called for an expansion of $11.5B.
Typically, consumer credit goes through sizable revisions before the final numbers are released. Any future revision, however, is unlikely to alter the current trends.
Revolving credit declined by $3.7B, from $888.5B in January to $884.8B in February…
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