From Hedgeye's Q2 Macro Themes:
#HousingsSlowdown: We have been big housing bulls over the last 18 months. But the party is ending. Asymmetry in being long has flattened. Price follows demand on a lag and demand is slowing as affordability declines, regulatory changes drag on liquidity, and institutional interest ebbs. We will walk through our updated view on the Supply/Demand/Price dynamics prevailing in the housing market and our forward outlook for prices.