00:00We have new home sales coming in higher than estimates, 628,000. The estimate was for about
00:06600,000. Bloomberg's international economics and policy correspondent, Michael McKee,
00:11joins us around the desk. Mike, what have you seen in the data?
00:14Well, you don't see a whole lot here, except that we had an increase, which was expected
00:19because it's summertime. Weather's good. You can build more houses, and certainly we need more
00:23houses. New home sales on a month-over-month basis up 1.6%. In May, they were down by 7
00:30.3%.
00:31So it's an improvement in June, but it doesn't make a whole lot of difference to the economy
00:36because we're still way short of the number of houses we need, and the Fed is still one of the
00:42keys
00:43to whether or not the housing market gets back on its feet.
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