MSNBC reports today that the decline in new home sales continues.
The report says that “fewer people bought new homes last month, the latest sign that the struggling housing market won’t rebound this year. New-home sales fell 2.1 percent in May to a seasonally adjusted annual rate of 319,000 homes, the Commerce Department said Thursday. That’s far below the 700,000 homes per year that economists say must be sold to sustain a healthy housing market.”
We’ve talked about this as a team and you know that I believe that the U.S. is facing a housing crisis.
When economists are telling us that Americans need to buy 700,00 homes a year to sustain a healthy housing market and it looks like the actual number will be less than half of that, it’s a really good indicator that we’re on the right track.
And the best news is that it appears this is going to be a very long track of opportunity for Canadian investors!
America has become a nation of renters.