Monday, March 26, 2007
New Home Sales
As I warned over the weekend... The Friday existing home sales data was corrupt and not reflective of what's going on out there. How can you have existing home sales surge, while new home sales are falling? As I said, certain distortions contained in existing home sales are NOT contained in the New Home sales data. Plus, you need to consider who puts existing home sales together: the National Association of Realtors which bases its numbers on a sampling of MLS data. As a result a completely different reading on New Home Sales: New-home sales fall to 7-year low in February. Sales data for December and January also revised lower.