I have been tracking this since 2006.  Read July 29, 2008 blog.  In July 2006 we had, 571,000+ new homes built in this country that were unsold and unoccupied.  In reading the Wells Fargo Securities report this morning, it had this to say:  “Inventory levels of unsold homes have continued to improve and have reached levels not seen since the early 1980’s with just 251,000 units on the market in September.  If sales regain footing, the sustained low levels of inventory suggest a pick up in new construction in coming months.”

On the new home building front…not so good news yet…”We expect new home sales likely fell three percent in October to an annual pace of 390,000.”  These levels are unprecedented, but whatever the market currently is…just wait, it will change.

ON CONSUMER CONFIDENCE…My favorite subject…Consumer Confidence rose 0.8 points in November to 49.5.

Source:  Consumer Confidence Board and Wells Fargo Securities, LLC