Agora Financial’s 5 Min. Forecast – Americans Stop Driving, Housing Crisis Worsens, etc.

“U.S. drivers drove 11 billion fewer miles in March, reported the Federal Highway Administration on Friday. In percentage terms, American’s drove 4.3% less in March than during the same time last year. That’s the first time since 1979 they drove less from one March to the next.”
“Retail gasoline struck a national average of $3.93 this morning, yet another record high. Gas is up 20 days in a row now, and 11 states feature average prices above $4 a gallon.”
“Home prices across the country have fallen over 14% from last year, reports the March incarnation of the S&P/Case-Shiller Home Price index this morning.”
“New home sales plunged 42% in April year over year. According to this morning’s Commerce Department report, sales of shiny new homes rang in at an annual rate of 526,000 in April … that’s actually a 3% improvement from March, the first new home sales uptick in six months. April’s 42% yearly decline is the biggest annual crash since 1981.”
“Consumer confidence is at a 16-year low. May marks the fifth straight month of decline.”
“At $133 a barrel this morning, oil prices were climbing toward record highs again. Crude shot up a buck or two in the premarket after another Nigerian drilling site was attacked by rebel forces.”