Source: New York Post —
The Federal Reserve’s policy tightening has nudged the US housing market into a slump — and policymakers have yet to fully acknowledge the extent of the trouble, according to a prominent economist.
Ian Shepherdson, a chief economist at Pantheon Macroeconomics, provided a bearish outlook for homeowners after federal data showed sales of new single-family homes hit their lowest level in nearly seven years in July.
Sales fell 12.6% to a seasonally adjusted annual rate of 511,000, well below consensus expectations.
“The housing market is in much worse shape than the Fed has been willing to admit,” Shepherdson said in a note to clients.
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I generally find that data from Pantheon Macroeconomics is fairly accurate. This time I find an enormous hole in the article above. Can we just get America to tell “the whole truth”. 20% more homes? What about 75% less buyers! FISCAL CLIFF AHEAD! STOP SPINNING PLATES! We’re crashing HARD!