According to MarketWatch (part of the Wall Street Journal empire) Economists they had surveyed had expected New house sales in the U.S. to INCREASE slightly.
Does MarketWatch get some perverse pleasure in surveying ONLY the stupiest economists. Because I am finding the joke wearing thin.
Existing house sales off a cliff. Durable Goods Orders following them, and now new house sales down 12.7%. Over the year so far, sales of new houses are down 32%! And the supply of those already built will take nine months to clear at the present rate.
This is NOT market uncertainty as headline writers keep on advising. There is little uncertainty left. We are on the way down. The next tipping point is near.