Second Biggest Drop on Record
Still Above 50 But Plunging Fast
Second Biggest Drop in history
The housing market index has missed Econoday's consensus every report so far this year including June's 2-point loss to 67. July's consensus is 66.
Only the temporary Covid-related plunge was worse. This won't be temporary.
Understanding This Recession
Cyclicals (durable goods and housing) tell us that a recession is already underway.
For discussion, please see A Big Housing Bust is the Key to Understanding This Recession
For more on cyclical components including a video by Basmajian, please see Cyclical Components of GDP, the Most Important Chart in Macro
This post originated at MishTalk.Com.
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