US New Home Sales Collapse (-19.4% YoY) In January As Fed Withdraws Stimulypto

Another sign of a not healthy economy is housing. New Home Sales collapsed -19.4% from January 2022 (aka, year-over-year or YoY).

If I were Joe Biden, I would be touting the month-over-month numbers, up 7.20% from December to January. But the reality is that year-over-year new home sales are down -19.4%.

Also, on the “Alarm!” front, US banks are expecting higher delinquencies, including on residential mortgages.

University of Michgan consumer sentiment for housing is rising, but still woefully below the 100 benchmark.