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UBS AG London Branch ZC SP ETN REDEEM 13/03/2045 USD 25
With the release of new home sales this morning, and existing home sales yesterday, it is increasingly apparent that housing has bottomed - just as I said a number of months ago that it would sometime this spring.
To the graphs! New home sales (blue in the graph below) bottomed last October, at 557,000 units annualized. As of June, they were at 646,000:
This isn't as good as earlier this spring, but is better than every other reading in the past 12 months. Meanwhile, prices, which typically lag sales, bounced back from May's 12-month low,