New Home Sales Cut in Half
I was chatting with a friend about our earlier post taking apart the New Housing Sales data (Sales drop 23.5%), and he asked -- "Gee, how far do you think that's from the top?"
A few clicks later -- and courtesy of Asha G. Bangalore, we learn that sales of new single-family homes are down 47.6% from their peak in July 2005.
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To contextualize this, if the current path continues into 2008, Centex CEO Timothy Eller said to Bloomberg, "This looks like it's going to be the deepest correction of any housing correction since World War II."
Truly amazing.
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Sources:
Existing Home Sales - Sales and Prices Are Down, Inventories Keep Climbing Up
Asha G. Bangalore,
Northern Trust, November 28, 2007
http://tinyurl.com/28wh2o
Housing Slump's Third Year Will Be `Deepest' Since World War II
Dan Levy and Brian Louis
Bloomberg, Nov. 30 2007
http://www.bloomberg.com/apps/news?pid=20601109&sid=aW1lrGeadgHI&
Friday, November 30, 2007 | 11:30 AM | Permalink
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Comments
Again, why is this surprising? Deepest decline and biggest bubble in history are two sides of same coin. Low interest rates are the key here as it is the last saving grace for the liquidity scoundrels...thuis is as much about saving the banks as it is about resuing the consumer balance sheet...
Posted by: s | Nov 30, 2007 11:39:23 AM
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