What happened in the last part of 2013?
Interest rates are moving up!
The Fed will have to ease very quietly and cautiously away from their bond buying program or inflation will spiral out of control. The question remains: will the Fed succeed?
In any case, I believe we have new norms for the existing home sale benchmark. And new housing starts will be much lower than the historical norm.
There will be unfortunately unintended consequences of their actions over the past 7-years.
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