If the fall we are seeing at the top spreads, the impact could be significant
The US economy is white hot. Consumer confidence is higher than it has been since the 1990s. Unemployment just hit its lowest level since 1969. Using amazingly bold language for a central banker, US Federal Reserve chairman Jay Powell says he is “very happy” about the “ remarkably positive” outlook which he predicts may continue “for quite some time”. So why, amid all this good news, is the US housing market slowing?
It is a hugely important question, because housing is still where the majority of Americans keep most of their wealth, and it has been a traditional bellwether for economic trends. Nationwide, sales and building permits are down. Several once soaring markets, including……….