We know the Housing data has been weak and increasingly so:
2. Pending sales of Existing Homes declined; Home prices
4. The Housing recession has spread into Consumer
Spending: year-over-year change in real consumption was 2.8%, the lowest
year-over-year growth since the 1H ‘03;
5. The September 2006 U.S. Foreclosure Market Report shows that foreclosures are up more than 63 percent from September 2005.
Despite all the negative data, the new meme circulating is that Housing is stabilizing; That then morphed into Housing was bottoming.
The charts suggest something else: via Bob Bronson), we see Housing is only starting to roll over:
click for larger chart:
Stabilize this . . .