Sales of newly constructed homes fell for the fourth consecutive month and are now at a level not seen since 1995!
Calculated Risk has done a fabulous job of analyzing the data points and creating their fantastic charts as usual. You’ll want to read this entry as well as this one.
The charts look absolutely horrific which I think is wonderful, wonderful news! It sure looks like the bottom is within sight for the U.S. housing market. It doesn’t mean it will turn on a dime, but the retrenchment has been unprecedented in its speed and scope. Housing was supposed to be slow and steady…instead, it’s acted like a tech stock in 1999 – 2001. Skyrocketed and then crash and burn.