More of same- looking very weak
Highlights
Redbook’s sample has been reporting depressed sales rates since all the way back in March, including the latest week when same-store year-on-year sales rose only 1.2 percent. The report blames a seasonal lull for the latest disappointment, citing lack of shopper interest ahead of the back-to-school season.
From Nomura:
Looks like an expiring property tax break in NY State caused the burst of activity. Excluding the northeast, looks like starts in Q2 were about the same as Q1:
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