Just when folks were beginning to say, “Full steam ahead!” We get a report like this.
The Census Bureau announced 321,000 new-homes sold in January at a seasonally adjusted rate:
http://www.census.gov/construction/nrs/pdf/newressales.pdf
Look at the chart, insert that number, and you can see for yourself that new-home sales remain flat. As this letter has consistently said, residential building must recover for the economy to become robust. And if builders can’t sell homes, they won’t build them.
New Home Sales
(Click on chart to enlarge)
(Recessions shaded)
A picture is worth a thousand words.
(To be fully informed visit http://www.beyourowneconomist.com/)
© 2012 Michael B. Lehmann
A picture is worth a thousand words.
(To be fully informed visit http://www.beyourowneconomist.com/)
© 2012 Michael B. Lehmann
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