NAHB Housing Market Index Suffers Second Biggest Drop on Record – Mish Talk
Second Biggest Drop on Record
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Still Above 50 But Plunging Fast
Second Biggest Drop in history
Econoday Consensus
The housing market index has missed Econoday’s consensus every report so far this year including June’s 2-point loss to 67. July’s consensus is 66.
Only the temporary Covid-related plunge was worse. This won’t be temporary.
Understanding This Recession
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Cyclicals (durable goods and housing) tell us that a recession is already underway.
For discussion, please see A Big Housing Bust is the Key to Understanding This Recession
For more on cyclical components including a video by Basmajian, please see Cyclical Components of GDP, the Most Important Chart in Macro
This post originated at MishTalk.Com.
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