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.
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