Not only is this 'housing recovery' being built without the use of Lumber (as we explained here [2]), but Architects are no longer useful either. The last two months - as homebuilder stocks surge and house prices spike [3] - has seen Architectural billings plunge by the most since November 2008. The current level of activity is at its lowest since June 2012 - hardly indicative of the rampaging rapacious demand for homes that we are spoon-fed day after day...
[4]
Charts: Bloomberg