New home sales rose, but modestly disappointed in June (610k vs 615k exp) with a small downward revision to May.
New home sales continue to climb … back to pre-housing bubble levels.of the early 1990s as do mortgage purchase applications.
Although the median price for new home sales fell over 4% in June, they are still up 52.2% since October 2010.
Remember all the cheerleading from the Mortgage Bankers Association (MBA) last week ove the massive surge in mortgage refinancing applications? In reality, refi applications are stuck in a rut since the last increase in mortgage rates.
Yes, we are still picking up the trash from the housing and credit bubble of the last decade.
The Gleaners by Jean-François Millet. Sort of.