Construction Spending Heading South—Housing Down 11% Since April 2018 Peak… Mortgage Refis In Biggest Crash Since 2013

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By David Stockman


Total residential construction spending dropped 8.4% from a year ago, the sixth month in a row of year-over-year declines, to a seasonally adjusted annual rate of $507 billion, according to the Census Bureau this morning. This was down 11% from the peak in April 2018.


The party’s over. Despite a reversal of the modest rise in mortgage rates in early March, mortgage applications continue to collapse. Overall, mortgage applications fell 4.3% on the week, following last week’s 7.3% plunge; but refis tumbled 5.0% on the week…


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