Screeching Tea Kettle Downgraded To Rolling Boil As New Home Sales Miss Badly

A day after the latest read on existing-home sales suggested record-high prices may constrain (or at least cool) demand going forward, America's red-hot housing market produced another miss. New home sales dropped 11% to an 841,000 annual rate in November, well short of the 995,000 consensus expected. The range of forecasts from more than five-dozen economists was 949,000 to 1.1 million, so the actual print was well below the lowest guess. It was the fourth consecutive monthly decline. The