"The government reported that the economy contracted at a 1.0 percent annual rate in the January-March period. But with healthcare spending data now in hand, economists say growth probably declined at a rate of at least 1.7 percent. " Source.
No one could have seen this coming. No one!
You could tell something was up a couple of weeks ago with the retail data. Read.I'm sure it means nothing.
I don't know what to say about housing. This morning I read this article: Borrowers defy logic with mortgage rates, and thought - how are they defying logic? The housing market is softening. I see houses sitting longer, and price cuts getting deeper. Refi's are off 54% YOY. I'm just hoping to get my PMI off before this all goes tits up.
The Fed keeping rates this low for this long is creating stasis that will live for a very long time. Anyone that could possibly be refinanced by now - has. They will stay in these houses longer because it makes financial sense to do so.
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