September US new home sales down 23%

Sales of new US homes fell 23% year on year.  Commerce Department data shows sales of newly-built US properties totalled 770,000 in the year to September. September sales of existing US homes fell 8% y o y – the biggest year-on-year decline for non-new build properties in 16 years. The September new home sales figure however was a 4.8% rise on August, although this is only after August’s figure was revised down to 735,000, from 795,000.

US housing depression, wealth erosion and consumption recession
As the US slows, will Asia and the world follow?

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