Monday, June 25, 2012
Headlines says one thing, the chart another!
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.