Leading indicators

Courtesy of the Big Picture, I present the leading indicator for the economy.

Builders’ sentiment is -52.2% YOY
New-home sales are -21.6% YOY
Purchase-mortgage applications are -20.9% YOY
Building permits are -20.8% YOY
Housing starts are -13.3% YOY
Existing-home sales are -11.2% YOY
Existing-home inventories are +39.9% YOY
New-home inventories are +22.4% YOY