Housing recovery lacks coal for the firebox

Commentary: Without credit, hopes for construction and sales are too high

Let's make 2018 your breakout year!
Join real estate's best to unlock growth at Connect SF, July 17-20, 2018

Another thin week for economic data, but plenty going on and patterns are forming.

The dominant one is positive expectation for the economy: some is legitimate, although hope-based; some is illegitimate, salesmen mostly on Wall Street; and some is a form of habit, that sooner or later we’ll enter an old-fashioned cyclical recovery.