The housing sector, including the companies involved, is experiencing “a slowdown” complete with rapidly rising inventories, rising debt, and P/Es reminiscent of a back alley beating.
Who cares, because the Fed Chairman says it looks ‘orderly’.
You have to love how for years the markets swayed on one man’s statements. Does that kind of magic still exist, or is someone saying what someone else tells them to say?
Truth, or summer doldrums before hurricane season. Retail performance heading into the last quarter will tell us if the ATM on every street in America has run out of money. Until then, stay tuned.