New Home sales fell by 7.7% in December. They were predicted to go up. We’ve got the lowest mortgage rates in the history of mankind and the entire freaking country of 115 million households has only 23,000 new homes sold in December???? Even better, only 10,000 of these homes are actually completed. The rest are either under construction or not even started. Still, the guy at Calculated Risk and the rest of the MSM try to sell you on some sort of housing recovery. Does he even look at his own charts? Can anyone show me a housing recovery in that chart?
New home sales are at the same level they were in 1981 when mortgage rates were 18% and the population was 229 million. Today we have 3.3% mortgage rates and a population of 315 million. Why are supposedly intelligent people so blind to the facts? There is no housing recovery. Artificial price increases have been created by inventory manipulation by Wall Street banks.