About That "Lousy" Housing Number...

Just like the overrated PPI number today, there’s a lot of bellyaching about the awful new home sales number.

Housing starts collapsed by 22.5%, and the annualized number of 479K came in below the 566K estimate.

But again, bear in mind that this is annualized, so on a month basis, we’re talking about 7K houses built less than estimate. And also bear in mind that we don’t really want or need many new houses, and then finally bear in mind that we’re right near historic all-time lows regardless. This industry is still dead. Getting worked up about how dead it is is just silly.

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