The Housing Recovery Remains Cancelled Due To 6 Months Of Downward Revisions

Housing Crash

Following last month’s surge to record high home prices [4], it is perhaps no surprise that for the 6th month in a row, home prices have been revised lower. New Home Sales printed 438k, down from prior revised lower 445k and missing expectations of a surge to 460k… missing for 8 of the last 10 months. However, the key focus should be on the epic revisions of the (by now useless) home sales. For the period May – November, the initial new home sales prints amount to 2.779MM houses. Post revision, the number plunges by 22% to 2.168K. There goes the housing pillar of recovery (let’s hope economists are wrong and rates don’t rise next year eh?)

Spot the recovery…

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