The data come from http://www.census.gov/const/www/newressalesindex_excel.html
Population in the US in 1971 was about 2/3 the current population. Maybe nothing is selling because there is nothing to sell. It is hard for me to see how construction doesn't make a come-back this year.
2 comments:
I can't agree with this assessment; you can't ignore the bloated inventory (and shadow inventory) of existing housing. In addition, I believe people/household has increased over the past couple of years too.
You are certainly correct that the current level is unsustainable, but I think very substandard levels of new housing sales can easily be sustained for more than another nine months.
well i think that the graph shows the correct percentage...and it is very informative at all.
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