New Home Sales Disappoint

The Census Bureau reports New Home Sales in Janauary were at a seasonally adjusted rate of 309,000.  Quite a sharp decrease from the revised 348,000 in December.   That is a 11% plunge.  Now the recovery bulls might point to terrible weather in Janaury all over the country, but taking that into account, it is a still a real disappointment.  Despite improving economic headline numbers, new home sales have not gained any traction.  The $1.8 trillion in government housing stimulus has not moved the needle, and lets not forget that stimulus is starting to end.  Tax credits expire by mid-2010.  Numbers like this should really have you question what post-stimulus housing will look like.  Its not going to be good.

 

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