Joshua Shapiro Housing Quotations

We're in the early stages of a slowdown in the housing market.

With mortgage rates still low, there is no evidence yet that levels of housing activity are declining to any great extent.

While we have seen an increase today versus a forecasted decline, housing starts are currently doing on a trend basis what many have forecasted: remaining on a high plateau, unable to move higher but not seeing demand fall off enough to take starts lower.

February was not a bad month either temperature-wise. If you look at other evidence, things are beginning to roll over. You will see housing starts roll over in the months ahead.

A softening trend for consumer spending is the most likely outcome for most of this year, particularly as housing cools off. However, we do not think that consumer spending growth is going to fall apart anytime soon.

Housing has peaked and we're expecting some moderate weakening in 2006. It's starting to turn into a buyers' market, with fewer buyers chasing more homes at these mortgage rates.

Housing has peaked and we're expecting some moderate weakening in 2006.