June new-home sales number

New-home sales are running a little less than one-in-10 vs. existing, and the June new-home sales number was an eye-poppingly low 30,000, unseasonally adjusted. Especially since NHS is an “order” number as opposed to a closings count, July’s not going to look better. Most of July, home buyer sentiment lay under the psychological pall of glimpses at a weakening economic rebound, a credit crisis in Europe, and an indescribable pervasive grief over the Gulf oil spill. And you know what? August is August.

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