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Message Subject
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Breaking...June new home sales numbers are out...crashing.(video)
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Poster Handle
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Jungleboogie |
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Post Content
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[ link to www.zerohedge.com (secure)] June home sales have catered. New home sales DOWN 20% YOY to 2011 levels. Against expectations of a 3.7% MoM jump, new home sales plunged 6.6% MoM in June (and worse still May was revised lower from -5.9% to -7.8%) Simple supply and demand catching up. Material costs up: new building starts to go down. Market crash would be brutal for the over-extended house of cards type multi-mortgage holders that paid way too much for crap. Those types are usually in the 40 to 50 age range, hard to start over by that age. If things got back to normal and people starting moving back to the big cities, the suburban and rural market would collapse FAST.And it's not like the stock market where you can be out in 5 minutes.
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