...similar to existing home sales, inventories are piling up again despite how far the builders have taken starts down to ... ostensibly not enough. The new housing inventory rose 1.3% — the second increase in a row, to 9.2 months’ supply from 8.9 in January (the long-run average is 6.2 months). Housing, at least, is entering into a double dip. In the second half of the year, we shall see if the sector ends up yet again playing its classic role as leading indicator.
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