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CHART OF THE DAY: U.S. Housing Compendium Courtesy of Your Favorite Macro Team - Compendium 072414

To quickly review the evolution of our housing call: After being discretely bullish on housing for the better part of a year beginning in 4Q12, we turned increasingly negative at the beginning of 2014 and elevated #HousingSlowdown to a top Macro theme for 2Q14.