By Mark Hanson
Borrowed from Hanson Advisors - Thank you
The month of November broke a record on the new home sales front.
It was not only the lowest in terms of absolute sales volume for any November, but for any month since the data have been tracked in 1963.
Because of this I will concede to the bulls...yes, we are closer to the bottom (zero) than ever before.
Outside of the South, new home sales are consolidating to the point at which they run the risk of a catastrophic gravitational collapse.
New home sales as a percentage of existing sales are not worth analyzing.Obviously, this was the lowest Nov on record too, down 19% from last year.