Under the hood of the University of Michigan Sentiment Survey, something really ugly appeared.
While homebuilder sentiment (as measured among realtors by the NAHB) remains near record highs, home-buying sentiment has utterly collapsed as surging home prices have overwhelmed any benefits from low rates as urban exodus dominates local purchasing power.
That is the weakest home-buying sentiment since 1983...
As one veteran market operator noted, "this doesn't look good."
No, it does not!
Who are you going to believe?
As Upton Sinclair (reportedly) wrote once, "It is difficult to get a man to understand something when his salary depends upon his not understanding it."