CHART OF THE DAY: New Home Sales Hit A 2-Year High

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For the month of May, new home sales came in at an annualized rate of 369K, blowing past expectations of 347K.

Derek Thompson at The Atlantic points out that compared to pre-crisis history, this number is pretty tiny and pathetic, and that’s true.

But upturns have to start somewhere, and the fact of the matter is that New Home Sales have just hit a two year high.

What’s more, this better-than-expected number comes against the backdrop of an economy that seems to be losing steam. If housing can make an a-secular recovery, that would be a major, timely lift for the economy.

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