New Home Sales Slide To Four Month Low After Sharp Downward Revisions
With mortgage rates soaring, it is only a matter of time before US housing is adversely impacted. And while the just released October new home sales data focused on sales of houses based on contracts signed in the month before the election, some concerns were already evident, when the number of new homes sold tumbled to 563K from a pre-revised 593K, badly missing expectations of a 593K print.
This was the weakest new home sales print going back to the 558K new homes sold in the month of June.
This post was published at Zero Hedge on Nov 23, 2016.