In this clip from The Macro Show, Housing & Financials analyst Josh Steiner alerts viewers that new home inventory recently spiked to levels only seen in five previous recessions over nearly 50 years.

“Most recessions are coincident with the cycle in housing. We can sort of get into whether that’s cause or effect, or uncorrelated. But I think uncorrelated would be a stretch. Really the question is: ‘Is it cause or effect?’ I think it’s a little of both.”

Steiner: Historical Recession Signal Just Appeared In Housing - HIS Guest Lineup