The glut is here.
Some 3.27 million new cars are now sitting on lots across the U.S., more than there have been in almost five years, according to Automotive News. That’s a lot of cars—just enough to equip every man, woman, and child in the state of Iowa with a new vehicle, and just slightly less than the number of iPhones added to Verizon’s network last quarter. A year ago at this time, by contrast, there were 2.7 million vehicles lying in wait across the country; summer 2011 saw an inventory of about 1 million fewer cars.
The Federal Reserve is now facing a slowdown.
As for new homes, the are mostly apartments for renters (families without much money), not single-family dwellings (families with money).
The recovery is stalling.