New home sales are an important indicator about the economy.
This number, which doesn’t include condo sales (a massive oversupply in search of no demand) says: the inventory overhang is considerable, there aren’t very many buyers, the government’s house price and interest rate stabilizing programs (HAMP, TARP, Helicopter Ben the mortgage buyer) have been a failure, and the outlook for the economy remains bleak.
Gorilla says: “It’s not Acapulco, but there’s plenty of cliff diving still going on!”
Tags: housing, US Economy