Retail Shopping & Mortgage Applications: Dismal


Retail Shopping Traffic: Down 21.2%

Don’t worry, Christmas will be just fine — even though we’re missing 1/5th of our customers!


BTW around here, and I recognize this is pure anecdote, it’s been utterly dead with one exception — WalMart, where it looks like a first-of-the-month.

Not the holidays.

Yeah, traffic is “up from normal” but it’s not mobbed.

And there are still enough bicycles chained together out front — overflow — to give every kid in the local area who doesn’t have one a new bike.

Comscore numbers are down too.

One other (anecdotal) note — as of yesterday every Christmas tree lot I drove by was jam-stuffed with trees.  Normally all you’d have left by now is the stragglers — the infamous “Charlie Brown” leftover.  And those trees, as of 12:01 tomorrow, will go from being worth $50 each (or more) to having a net present value of their BTUs in a bonfire.

Earnings season, which I remind you begins as soon as the calendar flips, should be interesting.

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“Mortgage Apps Were A Bit Of A Miss”

Yeah, because down 66% from the highs is “a bit of a miss.”

Right — it’s actually, a 13 year low.

But that’s just a bit of a miss, you see.

Oh by the way, refis?  They’re disappearing.  And what is the purpose of a refi?  To pump consumer spending by increasing consumer leverage.

If the housing industry can’t handle a 3% TNX then the rest of the nonsense you’re hearing in the media is going to be more akin to what that flock of geese leave on your porch.

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