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Downward US Home Prices In The Downturn, Too
The Census Bureau reported today New Home Sales remained at a better than 700k SAAR in September following the big jump over the previous few months. Though the number was slightly lower last month than the month before, it wasn’t meaningfully less. As discussed yesterday, while that might seem the Fed’s rate cut psychology combined with the bond market’s pessimism (reducing the mortgage rate) is having a positive effect, I don’t see it that way. From yesterday: More than interest rates, perhaps the biggest factor has been prices – especially the price at which developers are able to sell off their ... (full story)