Housing market activity has been stable since the start of the year. Mortgage applications for home purchase and mortgage interest rates are more-orless where they were in December, as are existing home sales. Housing starts have also marked time, although the headline figures hide a growing divergence between the single and multifamily sectors. The only thing going up is house prices. Very tight market conditions have pushed the annual rate up to a 2½ year high of 5.8% on the Case-Shiller measure.
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