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.

nhsoct16

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

nhsgroct16

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.

mednhsearnings

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.

clintonbubble

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

e999bda2206a8c48

Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I am a contractor for Money Map Press, publisher of Money Morning, Sure Money, and other information products. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. In some cases I receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.