This morning new home sales came in
at 369K, a "big beat" to expectations of a 347K print and up from the 343K
previously. But what does this really mean?
The chart above sums it up. The lowest of the lows for the past 50 years is the highest of the highs for the
past 2 years. The chart goes back 50 years and we're at lowest in all that time and of course the population has
more than doubled in that time.
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