Sales of New Houses Collapse (in the West by 50%!) Inventories & Supply Spike to High Heaven, Worst since Peak of Housing Bust 1 - Deliberate!

Standby, after they finish collapsing the housing market, they will collapse the new sales of Autos. Don't know how we, the Resistance, will "hang in there" as the PTB appears to be focused on Economic Armageddon. Maybe it's time to move to a cabin in the deep woods and live like an old time pioneer.

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Sales of New Houses Collapse (in the West by 50%!) Inventories & Supply Spike to High Heaven, Worst since Peak of Housing Bust 1

By Wolf Richter for WOLF STREET.

The plunge in home sales is just stunning. Sales of new single-family houses collapsed by 12.6% in July from the already beaten-down levels in June, and by nearly 30% from July last year, to a seasonally adjusted annual rate of 511,000 houses, the lowest since January 2016, and well below the lockdown lows, according to data from the Census Bureau today.

New house sales plunged in every region compared to July last year. Note the West, oh dear:

Northeast: -37%
West: -50%
Midwest: -23%
South: -21%.

A similar plunge, but now quite as bad, occurred in sales of previously owned homes, which plunged by 20% across the US in July compared to a year ago. In California, sales of existing homes collapsed by 31% year-over-year; and in the previously hottest market, San Diego, by 41%!

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