David Rosenberg, the bearish economist at Gluskin Sheff, isn’t convinced that the U.S. housing market is on the up and up.
He points to the number of months it takes to sell a new house.
From his note today:
How can it possibly be that the housing market is showing a durable recovery when it is still taking a median of eight months for the builders to find a buyer upon completion of the unit? Up until April 2008 – in the midst of the Great Recession – a number this high was unheard-of, having happened but once previously and that was the peak of the previous housing market meltdown in June 1991. See chart below.
Photo: Gluskin Sheff
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