Bad Building

Salehomebuilding2s of new homes hit an annualized seasonally adjusted rate of 504,000, the best reading since 5/08. But one month is not a trend, the data are very volatile, and unusually, August had five weekends, prime buying time. YTD new home sales at 307,000 are just 2% higher than in 2013, and should end the year 2% to 3% higher. Builders breathlessly bid bye bye to bad 2014.

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