Presented with little comment. After all, what is there to say about the "housing recovery" over the past six years when the volume of applications for home purchases is the lowest since August 1995? Add to this the fact that the all-cash buyers (AKA hedge funds) have dried up.
Keep believing that lower rates will support home prices. Keep believing the Fed's QE infinity is working. Alternatively, we could all face the facts that this is not your mother's housing market anymore.
Charts courtesy of Bloomberg.
The long term: Six years of recovery?
The long term:
This is called a broken transmission channel. Every artificial spike in the homebuilder stocks is a chance to add to short positions.