Wednesday, February 28, 2007

New Home Sales - YIKES!

DJ * US Jan New Home Sales -16.6% To 937,000;Consensus1.080M Dow Jones

That's one bad number, even with a December revision:

DJ * US Dec New Home Sales Revised To 1.123M From 1.120M Dow Jones

As noted Sunday night, sales are now down to 2003 levels. In some respects 2003 levels aren't so bad, which is why I mock those who say the bottom is at hand in the housing market. No way Jose.

The January drop is the worst since 1994.

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