Is the US housing market slowing?

Is the US housing market slowing?

Well Chris Puplava has some great graphic illustrations to prove his point in his Market Wrap:

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The slowing seen in housing is beginning to trickle through the economy as real GDP in the 2nd quarter was only 2.5%, with GDP revisions reducing nearly 25 basis points from annual real GDP growth during the nearly five-year expansion since 2001. Here are a few further sources of a slowing housing market. Home sales are off 10% from their peak last summer, unsold inventories have soared to a new record, construction spending is decelerating after peaking in early 2004, and the national median home price has decelerated sharply from the peak seen in 2005 (see charts below).

Figure 3

Source: Dismal Scientist

Figure 4

Source: Asha Bangalore, The Northern Trust Company
Daily Global Commentary 08.07.2006

Figure 5

Source: Dismal Scientist

Figure 6

Source: Dismal Scientist

Homebuilder optimism has been falling for nine straight months, with July’s reading of 39 marking the lowest level since December of 1991.

Figure 7

Source: Dismal Scientist