US economic growth accelerated last month, according to the November update of the Chicago Fed National Activity Index. But while the broad trend is looking stronger these days, housing remains wobbly. Existing home sales fell a hefty 6.1% in November – the biggest monthly decline in over four years. The slide follows last week’s news of November’s sluggish growth in housing starts and a decline in newly issue building permits – a sign that housing construction may be headed lower in the months ahead. Considering the residential real estate’s influence in macro matters, it’s reasonable to wonder if the soft data of late pose a threat for an economy that’s otherwise expanding at a faster pace.
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