There are lots of bullish commentaries about how U.S. housing is leading a "recovery" out of the doom and gloom, But the housing charts tell a different story.
The last 4 years on the Case Shiller Home Index PRICE chart shows a lot of chop in a narrow channel when compared to the previous 10 year "Eiffel Tower" rogue wave, set up by interest rate price fixing and abandonment of appraisal fundamentals.
The Federal Reserve (FRED) chart of New Home SALES shows the same chop in a tight range but at new 50+ year lows.
The current Dow Jones Housing Index (ITB) and national home builder D.R. Horton (DHI) are selling off today carving out new 2 week lows as cash buyers take profit. (Lookup ITB & DHI at stockcharts.com)
Forecast: Strong headwinds, limited visibility with choppy seas ahead.