Housing May Be Making a Bottom

If so, it's none too soon.

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A bit of cheer from the econ team at Action Economics:

In total, the sales statistics for the U.S. real estate market may be forming a bottom as we digest the most recent bout of financial market stress in July, which would be a welcome relief for the beleaguered housing market. We are hardly out of the woods, however, and rising mortgage rates and recent turmoil may still disrupt this recent flattening pattern. The price data will inevitably lag the volume figures, though the rate of price decline for all but the S&P Case Shiller figures seems to have stabilized for now as well, in the 3%-6% [year-over-year] area. The construction figures are also exhibiting some early signs of stabilization.