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Housing Horrors Continue: New Home Sales Tumble To Lowest Since 2016

• http://www.zerohedge.com

Extending July's weakness (in new, existing, and pending home sales), August is off to a rough start with existing sales and now new home sales has collapsed (down 3.4% vs expectations of a 2.5% gain). July's big plunge in sales was revised slightly higher but this left August with a 560k SAAR sales rate - the weakest since Dec 2016.

This is the first back to back decline in new home sales since June 2016.

Bloomberg does not that there may be caveats to this data (aren't there always?).

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