HOUSING HALT

Seasonally adjusted annualized July housing sales came in at 3.95 million, the 35th straight month of Y-o-Y declines, and the fifth month of sub-4 million sales, a level historically rarely seen. Troublingly, 30-year rates are 81 basis points lower Y-o-Y and months of inventory is up 21% Y-o-Y, yet sales remain anemic. First-time buyers struggle with high payments, move-up buyers remain locked-in with low rates.