Dwellings Disappoint

Last week, HUD reported that seasonally adjusted annualized new home sales hit 490,000. While up, the last time new home sales were this low before the Great Recession was in 9/91. Moreover, new home sales hit their all-time low of 270,000 in 2/11. Since that staggering low, the compound annual growth rate has been a profoundly lackluster 13.3%. There’s no reason to expect 2016 to show significantly improvement.