Economic numbers worsened in the United States, as the housing crisis is spreading into most of the economic sectors. With stocks struggling to find a bottom and crude challenging important resistance levels, consumer spending might deteriorate further in the near future. At least, until the aggressive measures taken by the Federal Reserve and the Administration will start to produce some tangible results. The European Central Bank (ECB), at the contrary, will probably leave rates unchanged at 4.00% for now, as growth is still supportive and inflation pushing higher.
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Savings are increasing
In January, existing home sales declined 0.4% (-1.8% expected), as multiple homes slumped 6.5% and single homes rose 0.5%. We are probably experiencing one of the worst deflationary period in history for the housing market. Inventories are at a very high level and they increased 5.5% in January, taking the months of supply to 10.3 months versus December¡¦s 9.7 months. Consequently, home prices fell 2.9% month over month and are now down 4.6% year over year.
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