Dueling Data

Consumer confidence is by some measures at its highest level since 10/2000. Unemployment is microscopic, pay is up, and GDP growth is strong. Yet housing slumps. Pending sales are down Y-o-Y for seven straight months, existing sales have fallen four months in a row, home price increases are slowing, as are starts, homebuilder share prices are struggling, and inventory looks to be finally bottoming. Rising prices are finally squeezing demand.