FILE PHOTO: A new home is seen under construction in Los Angeles, California, U.S. July 30, 2018. REUTERS/Lucy Nicholson/File Photo
The Commerce Department said on Thursday new home sales rose 4.8% to a seasonally adjusted annual rate of 1.011 million units last month, the highest level since September 2006. New home sales are counted at the signing of a contract, making them a leading housing market indicator. The report followed on the heels of data this week showing sales of previously owned homes near a 14-year high in August.
Wow that's fantastic.
Abandoning high density living.
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But, but, but.... wait.... the Covid. How can this be?
Inflation has set in already
14 years ago was 2006 at the height of the last housing bubble mania. Uh Oh!
Well only billionaires could afford to buy more houses....
cause people leaving the cities.
Well shit, here we go again
is it driven by the fear of default or market crash?