Interesting chart form Dave Wilson showing how elusive the U.S. housing market’s rebound has been for the Homebuilders.
Existing single-family homes sold at about the same pace in May as they did in January 2000, according to data compiled by the National Association of Realtors. New home sales are running a full 45% lower. One new home was sold last month for every 9.7 resales.
Bill McBride of Calculated Risk observed: “Builders weren’t able to compete with the low prices of all the foreclosed properties.”
Housing Recovery Elusive for U.S. Homebuilders
Bloomberg, June 26, 2013
A few comments on House Prices and New Home Sales
Calculated Risk, 6/25/2013 http://www.calculatedriskblog.com/2013/06/a-few-comments-on-house-prices-and-new.html