New Home sales came in at an annual rate of 295k in August. That's 2.3% below July, and just modestly above the 281k record low set in February. A crushing blow for anyone hoping to work in construction anytime soon, but then again how can you blame anyone for not wanting to buy a new home in August, when the Dow Jones was screaming bloody murder and the European Union was on the brink of epic failure (on that note, the EU is still teetering on a calamitous destruction). Not the kind of backdrop that makes you want to shell out your life savings on a falling knife, is it?
But for anyone following the housing market lately, this comes as no surprise and in fact the consensus estimate compiled by Bloomberg was looking for approximately the same result. Then again, the Census Bureau put a +/- 13.9% margin of error on its new home findings, so if you wanted to you could also just completely throw out the result altogether because the Census doesn't know its neck from its asshole. Your choice, but I think you would be making a grave mistake if you didn't think housing was utterly lifeless right now.
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