Sales of New Houses Collapse (in the West by 50%!) Inventories & Supply Spike to High Heaven, Worst since Peak of Housing Bust 1

by Wolf Richter, Wolf Street: Forget “housing shortage.” It’s about crazy prices: For sales to revive at these mortgage rates, prices have got to come down a lot — and they’re starting to. The plunge in home sales is just stunning. Sales of new single-family houses collapsed by 12.6% in July from the already beaten-down […]