Housing: If you can’t call a bottom, at least use creative language
Posted by: in Stocks Money NewsFiled under: Forecasts, Bad news, Consumer experience, Housing
How low can you go?
The new home sale numbers came out today, and to no one’s surprise, they were uglier than ever. Sales of new single family homes fell by 8.3% last month, according to Commerce Dept. data, the lowest level in seven years.
Year-to-year, new home sales were 21.2% lower than the level in August of 2006, according to The Wall Street Journal (subscription required).
Oh dear. So much for bottom calling. The housing sector has dragged on the U.S. economy for six straight quarters now, and shows no signs of getting any lighter.
The WSJ’s Economics Blog got the reaction of a handful of economists. The language is grim.
“Hideous” Ian Shepherdson of High Frequency Economics said. “Housing is nowhere near the bottom; neither is its wider impact.”
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