Merrill Lynch: "Home Sweet Home"

A few excerpts from a piece by Michelle Meyer at Merrill Lynch: Home sweet home We expect continued improvement in homebuilding and sales in 2016 and 2017, but still far from a V-shaped trajectory. Here are our baseline forecasts: • Housing starts to average 1.275 million in 2016 and 1.4 million in 2017 on the way to a return to the historical average of 1.5 million by the end of 2017. [CR NOTE: For reference, housing starts will probably be just over 1.1 million in 2015]. • Existing home sales to increase 5% in 2016 and 3% in 2017. We look for more robust growth in new home sales with a gain ......(read more)

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