For generations, single family housing development was a driver of US economic growth.Today, there is no single family housing industry to speak of. These 7 charts derived from this week’s release of new house sales data from the Census Bureau illustrates just how bad things are.
New house sales fell versus September 2015 and remain barely above the housing depression lows, a mere fraction of 2005 bubble levels.
This recovery has not even reached the levels reached at the bottom of the 1992 or 1974 recessions. It has gotten back to the 1982 recession low, but there are 45 million more households today than in 1982. This chart shows September sales in thousands for each year since 1972.
The number of full time jobs has returned to 2007 levels. Normally new house sales and jobs growth correlates somewhat. But while the…
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