The Dec. and Jan. decline in new home sales is the biggest 2-month drop since the summer of 2013. It confirms the weakness in existing home sales, and is likely the beginning of a much larger decline as rising mortgage rates make over-priced houses even more unaffordable.

The Dec. and Jan. decline in new home sales is the biggest 2-month drop since the summer of 2013. It confirms the weakness in existing home sales, and is likely the beginning of a much larger decline as rising mortgage rates make over-priced houses even more unaffordable.

— Peter Schiff (@PeterSchiff) February 26, 2018