In June of this year, I raised the fifth recession red flag, putting the housing market in a traditional recession where sales, incomes, jobs, and production would be falling, which is happening now. And unfortunately, one of those productions items is housing completions data — which looks terrible in the latest report.

As someone concerned about the housing inflation story since inventory channels broke to all-time lows in 2020, I am frustrated by this housing completion data. The best way to deal with housing inflation is more supply. If you’re reduced to fighting inflation by demand destruction, you’ve already details ⇒

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