The Lehmann
Letter (SM)
The National
Association of Realtors continues to speak optimistically of a housing recovery
because of improved affordability, shrinking inventories and firmer prices:
But June existing
home sales fell to 4.37 million. Place that number on the chart and decide for
yourself.
Existing Home
Sales
(Click on
chart to enlarge)
(Recessions
shaded)
What do you
think?
A recovery
may be imminent. Some of the housing data is up. (Yesterday’s Letter reported a
jump in housing starts.) But consistent evidence of strength remains elusive.
(To be fully
informed visit http://www.beyourowneconomist.com/)
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