New home sales off 11%, now at their lowest level since 1971!
New home sales are a big indicator of how the economy is doing. It says here that nobody’s building new stuff, because there’s such a glut of old stuff on the market and there aren’t any buyers.
Couple with this week’s downward GDP revision, the US economy remains a basket case.
Gorilla says: “Time to build a fence around our leaders until they actually do something!”
Tags: housing, US Economy