Republished from Dr. Ed Yardeni’s blog: “Dr. Ed’s Blog”
The housing industry remains in a depression. The sum of existing and new single-family home sales bottomed last year at 4.1 million units (saar). This year, it has been fluctuating around 5.3 million units. That’s down from a record high of 8.5 million units during July 2005. It matches the pace of sales during the mid-1990s, just before the housing bubble.
Housing activity is likely to remain depressed next year. Despite …