MBA Mortgage Applications were down last week, -2.6%. Let’s put some positive spin on that. It was an improvement over the previous week, which was down by -4.0%. See there…take a negative and make it a positive. It’s a glass half full kind of thing.
Housing Starts – Economists kind of missed the mark here. Housing Starts were 836 thousand, well below economists estimate of 960 thousand. Housing Starts Month over Month were down by -9.9%, so far below economists estimate of up 5.0% that one has to ask, “What the hell were they looking at?”
Building Permits – Building Permits were at 911 thousand, below economists estimate of 1 million. And the Month over Month number was, well, bad. Building Permits MoM% was down by -7.5%. Economists estimated the month over month number at a positive 1.5%.
The one thing we can all agree on is that economists are always wrong. Sometimes spectacularly so.
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury