Submitted by Tyler Durden on 07/24/2015 10:08 -0400
Despite exuberant existing home sales, new home sales crosses back below the 500k Maginot Line to 482k SAAR – the lowest since Nov 2014.
Once again, NARis back to its old tricks. Previous data was revised dramatically lower as June data missed expectations by the most in a year.
The West region saw new home sales collapse 17%.
Perhaps the slide in single-family home starts means something after all?
But the most unsustainable chart of all is the one showing the ever gaping divergence between actual volumes for houses and artificially high prices. It appears CYNK is not only a feature of the stock market, but the housing market as well.
New home sales are at 1991 levels.
They revised last month’s reported number down by 5% and this month’s number came in 7% BELOW the revised lower number.
Housing recovery my fat ass.
Greetings,
I think that depends on where you are. The banksters have created tens of trillions of dollars and that money has to go somewhere. Out here in California, homes worth more than 1 million are being snapped up by cash paying investors rather quickly. It is just simple math as you could, say, buy one nice expensive home here or, for the same price, 25 houses in Toledo, Ohio. I guess it is easier to pretend that your 680sqft shack here is worth 1.2 million than have to keep track of a real investment portfolio.
TPTB per Agenda 21 are providing most money for construction of multiple family rentals when census data shows people are leaving the cities. That should help lower Urban Jungle rental costs. Also, the Dictator’s Edict that Blacks be integrated into all neighborhoods should expand the Jungle and speed up the Exodus of paying customers. That will help the Bankster’s asset’s value’s bottom line (not).
Bob Siddell
Agenda 21 plans are for Soviet style high rise stack and packs in designated human occupancy zones. Agree it will lower the cost of housing in the urban jungle after the crash. I find the prospect of that type of housing less than desirable, how about you?