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New home sales drop 6.2 percent with inventories increasing, Mike Shedlock notes
Mike Shedlock, author / blogger at MishTalk, reports that new home sales have declined by 6.2 percent, increasing pressure on builders to lower prices.
He observes that while overall sales remain mostly stable, inventories are rising and consumer sentiment is turning negative.
Shedlock has recently noted record auto delinquencies and near-record credit card stress, describing current consumer credit risk as similar to that seen in the Great Recession in a previous report. He also criticized methods for measuring inflation, highlighting that rates shift little even when the top 60 percent of items are excluded in a recent analysis. These observations add to his focus on shifting conditions in both credit and consumer sentiment.
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