New Home Sales Decline 2% In October, Back to 1982 Levels

This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission.

US new home sales dropped 2% in October.


And are back to 1982 levels, after the twin recessions in the early 198os.


Median price for new home sales fell 9.5% YoY, not all that surprising since hourly earnings for 82% of the population are growing at the slowest post-recession rate since 1965.


New home sales fell the most in the Midwest, likely because of the Cleveland Browns going winless so far this season.  The biggest gainer? The West!

New home sales at the same level as in 1982.  That is indicative of how damaging credit bubbles can be.


And please Cleveland, get rid of those K-Mart-looking uniforms!


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