Lennar: "Didn't see typical seasonal pickup after February"

This is a short note …

The Lennar headline is from a comment this morning. This is just one anecdote, but I believe the housing market will be impacted by policy.

I started the year taking Fed Chair Jerome Powell’s approach to the impact of policy: I’d wait to see what was implemented before changing my outlook. Here is my outlook at the start of 2025: