Bill McBride thinks the headline writers got it wrong. Figures released yesterday show sales of new homes declined in June. Writing at Calculated Risk, McBride says the bigger picture is a rosier one.
“Of course the reporting focused on the most recent month, but that is misleading,” he says. “In 2011, there were 306,000 new home sales. At the first half 2012 sales rate of 358,000, sales will be up 17% in 2012. Clearly new home sales have bottomed and are starting to recover.”