Housing Recovery? Not so fast! YoY Furniture Sales Go Negative; Foreclosures Rise (Again)

Let’s start with the oldest economics joke in the book: “assume there is a housing recovery.”

Ok, let’s assume that.

So how can this chart be right. Wouldn’t consumers be actively buying furniture for their brand new homes, instead of furniture sales not only declining for the past year but posting the first negative print since January 2011, and the Great Financial Crisis before that?

Furniture Sales_0

Furniture sales year over year

In what sort of a world does this make any sense?

Perhaps the housing market needs a bigger boat!

 

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