Yes 300,000 new home sales released today is lower than I thought it would be, but it is no surprise, even as deep a drop as it was. Last month it was 500,000. That’s a 40% drop in one month! Should drive a stake in the heart of the household formations theory of a housing rebound.
With the recent downtick in the jobs market the trend here is abysmal. Relief from the gov’t unlikely with the poisoned atmosphere in Washington. Even if there was a new rebate program recent sales figures call into question how effective it would be.
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Home sales cannot recover until we see some real jobs being created. By real jobs I mean high wage jobs not all these low wage part time jobs that do not really fuel any consumer consumption.
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