New Homes Sales July

Coming in line with the existing homes sales number yesterday, the new homes sales number we received this morning for July was tragic.

25,000 new homes were sold in July bringing the annual rate to 276,000, down 12 percent from the previous month.  The June number was also revised down to 315,000.

These are record low numbers that cannot be described in words.  So I won't, here is the chart: