New Home Sales Plummet
I was quite surprised that the Government’s Census Bureau released a report that showed June new home sales plunging almost 20% from May, before taking into account the downward revision to May’s report. In fact, in a testament to the reliability of the Census Bureau numbers, the last three months were revised lower. I wonder just how bad June’s new home sales really were if we could see what the numbers look like before they go through the Government’s “seasonal adjustment” sausage grinder…
I wrote an article dissecting the report for Seeking Alpha. You can see the details and my analysis here: Is The Next Leg Of The Housing Depression Starting?
The Dow Jones Home Construction Index plunged over 5% today on unusually high volume. One of the largest homebuilders, DR Horton, was down 11.5%. Home sales are not supposed to be dropping like this in June, which is the strongest month of the year for home sales.
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