Today, the U.S. Census Department released its monthly New Residential Home Sales Report for May showing continued deterioration in demand for new residential homes across every tracked region resulting in a startling 40.26% year-over-year decline and a truly whopping 63.14 % peak sales decline nationally.It’s important to keep in mind that these dramatic declines are coming on the back of the s
Sales of newly built, single-family homes rose 3.3 percent in April to a seasonally adjusted annual rate of 526,000 units, the U.S. Commerce Department reported today. However, this gain reflected downward revisions to sales numbers reported for each of the previous three months, including a particularly large revision for March.
“The fact that new-home sales are [...]
The Commerce Department stats for new home sales during April have been released, and are showing a slight uptick in activity - 3.3% -- although they're still down by 42% from April of 2007 (see previous post about the latest numbers from the Case-Shiller index). From a New York Times story:A government report released Tuesday showed that sales of new single-family homes rose 3.3 percent in April
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for April showing continued deterioration in demand for new residential homes across every tracked region resulting in a startling 42.0% year-over-year decline and a truly whopping 62.13% peak sales decline nationally.It’s important to keep in mind that these dramatic declines are coming on the back of the s
May 16, 2008 Further drop in new home sales and launches in April Prices also show signs of weakening as buyers adopt a more cautious stance By Fiona Chan THE private home market continued to weaken last month, with launches of new homes falling to their lowest level in at least 10 months. Sales volumes and median prices also dipped, according to monthly figures released by the Urban Redevelopmen
New-Home Sales in U.S. Plunge More Than Forecast, the Lowest in 17yrs by Bloomberg - snip:Purchases of new homes in the U.S. plunged more than forecast in March to the lowest level in almost 17 years as stricter loan rules and falling prices caused buyers to hold off. Sales dropped 8.5 percent to an annual pace of 526,000, the fewest since October 1991, from a 575,000 rate the prior month, the Commerce Department said today in Washington. The median sales price slumped 13.3 percent from the same time last year, the most in almost four decades. A jump in subprime mortgage defaults and record foreclosures have worsened the real-estate slump and led banks to limit lending. The threat of a prolonged recession is growing as lower home values constrain consumer spending and persistent declines
Newspaper headlines rarely tell the full story and today's papers provide a terrific example.
From the Baltimore Sun (and others):
New-home sales lowest since 19918.5% March decline exceeds forecasts; prices also tumble
As always, there's more to the story than the headline.
The Census Bureau reported a 8.5 percent decline in New Home Sales last month, but in the "fine print" of the report, the Census Bureau cites a margin of error of 16.1 percent.
By including a margin of error, the Census Bureau is acknowledging that the "headline number" is not precise and that the actual change in New Home Sales data lies somewhere between the values -24.6% and +7.6%.
Notice that the range of possible reading includes positive numbers.
This means that
Sales of new one-family houses in March 2008 were at a seasonally adjusted annual rate of 526,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.5 percent (±16.1%)* below the revised February rate of 575,000 and is 36.6 percent (±11.1%) below the [...]
Previous: 590 Thousand UnitsForecast: 584 Thousand UnitsDefinitionIs an economic indicator in the United States released by the US Department of Commerce's Census Bureau, it's published on a monthly basis for the prior month, including both prices and quantity statistics. It is an indicator that reports sales to newly constructed residences in the US. It is looked at as a lagging indicator for demand on the market, and in definition to New Homes it is considered the deal done in the year the house was built or the year after that.The data is provided monthly on the Census Bureau's website they are reported in unadjusted monthly rates and seasonally adjusted on the year. The importance for this indicator steams from the ripple effect is has on sales, especially durables, and that it is very
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for March showing an acceleration of the deterioration in demand for new residential homes across every tracked region resulting in a 36.63% year-over-year decline and a truly whopping 62.13% peak sales decline nationally.Additionally, sales declined significantly on a month-to-month and year-over-year basis both nationally and across every region resulting in a median selling price decline of a whopping 13.33%.It’s important to keep in mind that these dramatic declines are coming on the back of the significant declines seen in 2006 and 2007 further indicating the enormity of the housing bust and clearly dispelling any notion of a bottom being reached.Additionally, although inventories of unsold home
The slump in the housing market continues. According to CNBC:
New-Home Sales Tumbled A Surprising 8.5% in March
New single-family U.S. home sales fell by an unexpectedly steep 8.5 percent in March and the median sales prices versus a year ago dropped by the largest amount since 1970, a government report showed.
The pace of sales slowed to [...]
It is getting tougher and tougher to say that the worst has come in the housing market as every time we do...another part of the floor gives out. But there are signs of a very light thaw starting.In February, new home sales were down 29.8% year over year. While this is better then expected, home sales still hit a 13-year low as no one wants to buy while things continue to slide. Home inventory is now at a 9.8 month supply and while the median price tick up a little month over month it is still down 2.7% vs last year.Here in our little mecca in the woods the home values have been hit hard..of course that is directly proportional to the crazy rise in values here for the last 6-years as well. Frankly in you bought 5+ years ago here, you are in good shape even with the slide. But if you just
New home sales measure the number of newly constructed homes with a committed sale during the month. The level of new home sales indicates housing market trends and, in turn, economic momentum and consumer purchases of furniture and appliances. Why Do Investors Care?This provides a gauge of not only the demand for housing, but the economic momentum. People have to be feeling pretty comfortable and confident in their own financial position to buy a house. Furthermore, this narrow piece of data has a powerful multiplier effect through the economy, and therefore across the markets and your investments. By tracking economic data such as new home sales, investors can gain specific investment ideas as well as broad guidance for managing a portfolio. Each time the construction of a new ho
The Commerce Dept. has released their latest statistics on the new housing market, which shows a 1.8% decline to an annualized rate of 590,000 units -- the lowest level seen since February of 1995, while the median sales price dropped by 2.7% to $244,100. From an AP story via MSNBC:The number of unsold homes on the market at the end of the month represented a 9.8 months’ supply at the February sales pace, the same as in January. That was the highest inventory level in more than 26 years and reflects the fact that increased numbers of mortgage foreclosures are dumping even more homes on an already glutted market.Sales dropped the most in the Northeast, falling by 40.6 percent. Sales were also down in the Midwest, dropping by 6.4 percent, but posted gains in the South of 5.7 percent and 0
By MARTIN CRUTSINGER, AP Economics Writer
WASHINGTON - Sales of new homes fell in February for the fourth straight month, pushing activity down to a 13-year low as the steep slump in housing continued.
The Commerce Department reported Wednesday that new home sales dropped 1.8 percent last month to a seasonally adjusted annual rate of 590,000 units, [...]
Dallas Fed president Fisher scheduled to speak today
International Gold futures surged by as much as $14.4 to $949.4 an ounce in the mid Europe session today as the buoyant data from euro zone and...
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Today, the U.S. Census Department released its monthly New Residential Home Sales Report for February showing accelerating deterioration of the already hideous falloff in demand for new residential homes across every tracked region resulting in a 29.8% year-over-year decline and a truly whopping 57.52% peak sales decline nationally.It’s important to keep in mind that these declines are coming on the back of the significant declines seen in 2006 and 2007 further indicating the significance of the housing bust.Additionally, although inventories of unsold homes have been dropping for eleven straight months, the sales volume has been declining so significantly that the sales pace has now maintained a peak value of 9.8 months of supply.The following charts show the extent of sales declines se
According to CNBC:
New-Home Sales Plunge 1.8% To a 13-Year Low
Sales of new single-family U.S. homes fell 1.8 percent in February while the median sales price was down from a year ago and inventories fell modestly, according to a government report on Wednesday that delivered uneven news for the ailing housing sector.
The pace of sales fell [...]
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for January showing continued deterioration of the already hideous falloff in demand for new residential homes both nationally and in every region resulting in an astounding median sales price drop of 15.09%.On a year-over-year basis new home sales are continuing to weaken, dropping a truly ugly 33.9% below the sales activity seen in January 2007 and plunging a whopping 56.67% since the peak set in July 2005.It’s important to keep in mind that these declines are coming on the back of the significant declines seen in 2006 and 2007 further indicating the significance of the housing bust.Additionally, although inventories of unsold homes have been dropping for ten straight months, the sales volume has b
As I had noted before, in 2004 new home sales exhibited an interesting phenomena whereby the distribution of home sales, grouped by several nominal price ranges, effectively flipped from what one might conclude to be logical and from the historical norm.Prior to 2004, in general, the least expensive new homes sold the most numbers of units while the most expensive new homes sold the least numbers of units.Not a very surprising result as one might easily conclude that the majority of new home buyers cannot, in general, afford the most expensive homes.After 2004 though, the scenario exactly flipped in that the most expensive new homes easily outsold the least expensive homes.Now, this could either be explained by the inflating of home prices during the boom, easy availability of bloated loans, home buying patterns, or a little bit of all of these events but no matter what the cause, it appears that the scenario is now in the process of flipping yet again.Since the peak in 2005 new home s
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for October that continued to confirm the hideous falloff in demand for new residential homes both nationally and in every region as well as again reporting significant downward revisions to July, August and September’s results.Additionally, today’s report appears to reflect, at least in part, the extent to which the summer “fire sale” activity has had on pricing with a 13.02% decline in the median home sales price.As with prior months, on a year-over-year basis new home sales are still declining significantly, with the national measure dropping a truly ugly 23.5% below the sales activity seen in October 2006.It’s important to keep in mind that these declines are coming on the back of the significant declines seen in 2006 further indicating the significance of the housing bust.The following charts show the extent of sales declines seen since 2006 as well as illustrating the further declin
News reports from the United States provided some much needed good news for the beleaguered housing market. Sales of new homes were up 4.8% for the month of September, rising to a seasonally adjusted rate of 770,000 for the year from the August rate of 735,000. The latest figures are according to the US Commerce Department in news reports from Reuters.
News reports from the United States provided some much needed good news for the beleaguered housing market. Sales of new homes were up 4.8% for the month of September, rising to a seasonally adjusted rate of 770,000 for the year from the August rate of 735,000. The latest figures are according to the US Commerce Department in news reports from Reuters.
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for August that again confirmed the hideous falloff in demand for new residential homes both nationally and in every region as well as reporting significant downward revisions to June, July and Augusts’ results.As with prior months, on a year-over-year basis sales are still declining significantly, with the national measure dropping a truly ugly 23.3% below the sales activity seen in September 2006.It’s important to keep in mind that these declines are coming on the back of the significant declines seen in 2006 further indicating the significance of the housing bust.The following charts show the extent of sales declines seen since 2006 as well as illustrating the further declines 2007 is showing on top of the 2006 results (click for larger versions)Note that the last chart essentially combines the year-over-year changes seen in 2005 and 2006 and shows sales trending down precipitously as compar
As I had noted before, in 2004 new home sales exhibited an interesting phenomena whereby the distribution of home sales, grouped by several price ranges, effectively flipped from what one might conclude to be logical and from the historical norm.Prior to 2004, in general, the least expensive new homes sold the most numbers of units while the most expensive new homes sold the least numbers of units.Not a very surprising result as one might easily conclude that the majority of new home buyers cannot, in general, afford the most expensive homes.After 2004 though, the scenario exactly flipped in that the most expensive new homes easily outsold the least expensive homes.Now, this could either be explained by the inflating of home prices during the boom, easy availability of bloated loans, home buying patterns, or a little bit of all of these events but no matter what the cause, it appears that the scenario is now in the process of flipping yet again.Since the peak in 2005 new home sales hav
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for August that again confirmed the hideous falloff in demand for new residential homes as well as reporting a 7.5% decline to the median sales price and significant downward revisions to June and July’s results.As with prior months, on a year-over-year basis sales are still declining significantly dropping a truly ugly 21.2% below the sales activity seen in August 2006.It’s important to keep in mind that these declines are coming on the back of the significant declines seen in 2006 further indicating the significance of the housing bust.The following charts show the extent of sales declines seen since 2006 as well as illustrating the further declines 2007 is showing on top of the 2006 results (click for larger versions)Note that the last chart essentially combines the year-over-year changes seen in 2005 and 2006 and shows sales trending down precipitously as compared to the peak period.Look at
WASHINGTON (Associated Press) – After a 4 percent drop in June, sales of new homes rose 2.8 percent in July to a seasonally adjusted annual rate of 870,000 units, according to the U.S. Department of Commerce.
Sales increased 22.4 percent in the West and 0.6 percent in the South during July. However, sales dropped 24.3 percent in the Northeast and 0.9 percent in the Midwest.
The median price of a new home in July was $239,500, up 0.6 percent from last year. The average home price, however, dropped to $300,800 in July, down 3.4 percent from last year.
As I had noted before, in 2004 new home sales exhibited an interesting phenomena whereby the distribution of home sales, grouped by several price ranges, effectively flipped from what one might conclude to be logical and from the historical norm.Prior to 2004, in general, the least expensive new homes sold the most numbers of units while the most expensive new homes sold the least numbers of units.Not a very surprising result as one might easily conclude that the majority of new home buyers cannot, in general, afford the most expensive homes.After 2004 though, the scenario exactly flipped in that the most expensive new homes easily outsold the least expensive homes.Now, this could either be explained by the inflating of home prices during the boom, easy availability of bloated loans, home buying patterns, or a little bit of all of these events but no matter what the cause, it appears that the scenario is now in the process of flipping yet again.Since the peak in 2005 new home sales hav
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for July that, despite all the traditional media’s “unexpected increase” coverage, continues to show weakness as well as significant downward revisions to April and May’s results.As with prior months, on a year-over-year basis sales are still declining significantly at 10.2% below the sales activity seen in July 2006.It’s important to keep in mind that these declines are coming on the back of the significant declines seen in 2006 further indicating that housing bust is significant.The following charts show the extent of sales declines seen since 2006 as well as illustrating the further declines 2007 is showing on top of the 2006 results (click for larger versions)Note that the last chart essentially combines the year-over-year changes seen in 2005 and 2006 and shows sales trending down precipitously as compared to the peak period.Look at the following summary of today’s report:NationalT
As I had noted before, in 2004 new home sales exhibited an interesting phenomena whereby the distribution of home sales, grouped by several price ranges, effectively flipped from what one might conclude to be logical and from the historical norm.Prior to 2004, in general, the least expensive new homes sold the most numbers of units while the most expensive new homes sold the least numbers of units.Not a very surprising result as one might easily conclude that the majority of new home buyers cannot, in general, afford the most expensive homes.After 2004 though, the scenario exactly flipped in that the most expensive new homes easily outsold the least expensive homes.Now, this could either be explained by the inflating of home prices during the boom, easy availability of bloated loans, home buying patterns, or a little bit of all of these events but no matter what the cause, it appears that the scenario is now in the process of flipping yet again.Since the peak in 2005 new home sales hav
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for June showing renewed declines, even accelerating in some regions, as well as significant downward revisions to last month’s results.As with prior months, on a year-over-year basis sales are still declining in the double digits at 22.27% below the sales activity seen in June 2006.It’s important to keep in mind that these declines are coming on the back of the significant declines seen in 2006 further indicating that the decline is not abating.This should not be understated as it is clearly showing continued and even accelerating weakness to new home sales.The following charts show the extent of sales declines seen since 2006 as well as illustrating the further declines 2007 is showing on top of the 2006 results (click for larger versions)Note that the last chart essentially combines the year-over-year changes seen in 2005 and 2006 and shows sales trending down precipitously as compared to th
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for May showing renewed declines and a 5.10% downward revision to last month’s unexpected “surge”.As with prior months, on a year-over-year basis sales are still declining in the double digits at 15.8% below the sales activity seen in May 2006.It’s important to keep in mind that these declines are coming on the back of the significant declines seen in 2006 further indicating that the decline is not abating.This should not be understated as it is clearly showing continued and even accelerating weakness to new home sales.The following charts show the extent of sales declines seen since 2006 as well as illustrating the further declines 2007 is showing on top of the 2006 results (click for larger versions)Note that the last chart essentially combines the year-over-year changes seen in 2005 and 2006 and shows sales trending down precipitously as compared to the peak period.Look at the following
Big drop in home prices predicted by CNN Money - 5/24/07 snip:Most industry watchers agree that home prices will continue to slide before they recover, but now some economists say they've got a long way to fall before bouncing back. David Wyss, chief economist at Standard & Poors, has forecast a price drop of about 8 percent for the 24-month period through the fourth quarter of 2008. His prediction came during a general economic outlook session at the Mortgage Bankers Association's (MBA) National Secondary Market Conference & Expo in New York this week. Housing prices will suffer from a "significant increase in defaults and foreclosures," he said, with affordability still a major issue. Wyss worried how hard the slump will hit already highly inflated housing markets...Toll tumbles as housing weakness lingers Financial Times- 5/24/07 snip:Hank Paulson jumped the gun when he said earlier this week that the US housing slump has finally petered out, according to the chief executive o
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for April showing an unexpected “surge” in new home sales.Probably the most notable figure in today’s report was the 10.9% decline to the median home price, the largest decline since December 1970, further reflecting the weakness brought on by the inventory oversupply and continued reduced demand.It’s important to note, however, that with this report the Census Department revised every month back to January 2005 as formally imputed permit data, a factor in the new home sales estimate, was replaced with actual data.This, as well as other factors, effected both sales and price data, including a 22% downward revision to the March 2007 reported median home price providing further evidence that some caution should be used when interpreting this report.The following charts illustrate the revisions to sales and median price published in today's report (click for larger versions).As with prior mon
New home sales rose 7.5% in December 2006-March 2007, compared with August-November, to an average of 1,100 per month, the Central Bureau of Statistics reports. 910 homes were sold in March, of which 780 were under construction and 130 were completed.
Did new homes sales nationwide REALLY rise in March from February? Did they JUMP or PLUMMET? The government press release quite clearly notes a severe plus/minus built-in error of this survey (Much like plus/minus in political opinion polls) ...Sales of new one-family houses in March 2007 were at a seasonally adjusted annual rate of 858,000, according
to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 2.6 percent (±12.9%)* above the revised February rate of 836,000, but is 23.5 percent (±7.9%) below the March 2006 estimate of 1,121,000.
To read more, CLICK HERE
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for March showing both significant downward revisions to the results for every month since November 2006 as well as continued weakness for the March results.Hopes for a bottom to the new home market are now surely dashed as March showed that sales were down across virtually every region, most notably the West, as well as a 27.9% increase to the months supply as compared to March of 2006.Easily the most notable aspect of the report was the enormous downward revisions to November and December of 2006 and January and February 2007 helping to push their respective year-over-year declines further into the double-digits.It’s important to keep in mind that these declines are coming on the back of the significant declines seen in 2006.This should not be understated as it is clearly showing continued and even accelerating weakness to new home sales.The following charts show the extent of sales declines se
Today, the U.S. Census Department released its monthly “New Residential Home Sales” report for February showing both dramatic downward revisions to November, December of 2006 and January 2007 as well as continued weakness with February’s results.As was noted before, Bob Toll, who was formally calling a bottom in the new home market, recently clarified both his outlook as well as the general misunderstanding that the spring market will bring the highest numbers of new home sales.“Most of the markets are having a difficult time. The primary reason is the oversupply left by speculators and investors who got caught up in the mania of the price increases that were brought to the market by the extra demand created by the speculators and investors.”“… the Spring selling season is over, it’s a misunderstanding that we have been unable to correct over the past 40 years. In the new home business, you start selling immediately after the holidays… then you continue to run-up from
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
There's some mystery and intrigue into why the two charts above differ so much. One is a chart of New Home Sales which are reported by the guba-mint; the other is a chart of Existing Home Sale reported by the National Association of Realtors (or Realators as some people are prone to incorrectly say). On Friday the NAR reported a 3.9% surge in sales during February - some noting that the
Today, the U.S. Census Department released its monthly "New Residential Home Sales" report for December showing record weakness to sales in 2006 as well as continued weakness to the nation's new home market.
The full year results for 2006 were 17.3% below the full year results for 2005, that's just .5% below the 17.8% decline registered during the recession-led housing bust of 1990.
Additionally, there is a very likely chance that revisions to the results with next months report will drive the full year 2006 decline even higher possibly surpassing the 90's housing collapse results.
In a notable change, there was an unusually large pickup to sales in both the Northeast and Midwest regions in December serving to buoy the national results.
It appears though that, for the Northeast, the level of confidence in the reported number was very low with a (+ or -) 70.0 confidence interval.
So, we will have to wait at least another month or so for revisions to really see what's hap
Today, the U.S. Census Department released its monthly "New Residential Home Sales" report for November showing continued weakness to the nation's new home market most notably in the Northeast region where sales were down an astounding 42.4% as compared to November 2005.Generally reported as showing "strong" signs of market "stabilization", the report does, in fact, show an increase to the median and average price for a new home but as we all are well aware, the significant incentives that home builders have been offering are NOT reflected in this report so the price movement is a bit of a "red herring".Additionally, the report showed significant increases to inventory and months supply on a year-over-year basis.Look at the following summary of today's report:NationalThe median price for a new home was up 5.4% as compared to November 2005.New home sales were down 15.3% as compared to November 2005.The inventory of new homes for sale increased 9.0% as compared to Nov
Today, the U.S. Census Department released its monthly "New Residential Home Sales" report for October displaying, yet again, the dramatic and unprecedented extent to which home construction is collapsing.
Generally reported as showing prices increasing and sales declining, today's report could not have possibly shattered the false notions of "the worst being behind us" or housing "market stabilization" as spun previously by Greenspan and Lereah.
The report does, in fact, show an increase to both median and average price for a new home but as we all are well aware, the significant incentives that home builders have been offering are NOT reflected in this report so the price movement is a bit of a "red herring".
The current edition of the New Home Sales report looked completely abysmal.
Among other things, the report showed high double digit declines to homes sales at the national level and in every region.
Look at the following summary of today's report:
Nation
Today, the U.S. Census Department released its monthly "New Residential Home Sales" report for September causing a new round of optimism in the traditional business media.
It was speculated that the reports results, showing a 5.3% increase in new home sales as compared to Augusts revised number, might be a further indication that the recent, widely publicized, perspective suggesting that the nations housing market is setting a bottom may, in fact, be accurate.
This news comes only minutes after former Federal Reserve Chief Alan Greenspan stated that he sees "early signs of stabilization" in the nations housing market with a "flattening" of sales.
This sentiment builds on a statement made earlier this month when Greenspan suggested that for housing "the worst may well be over" citing some perceived stabilization of weekly mortgage applications.
It seems Greensspan's encouraging outlook set a tone for October, a month in which many in the real estate industry felt confident e
Today, the U.S. Census Department released its monthly "New Residential Home Sales" report for August causing a flurry of optimism in the traditional business media. It was speculated that the reports results, showing a 4.1% increase in sales as compared to July's number, might help to propel the DOW, opening just 35 points away from its all time high, into record territory. Typically, the bulls on Wall Street seem to be latching on to any positive news that might substantiate their hopes that the housing downturn is setting a bottom and will not present a dramatic impact to the economy but rather, a "soft landing". As usual, it's this overly optimistic and myopic vision that seems to prevent general discourse on the realities of the current housing decline. The fact is, July's national new home sales number was revised down 5%, yielding a more dramatic percentage change to the August number which will, in all likelihood, be revised down as well.
Addit
Today, the U.S. Census Department released its monthly “New Residential Home Sales” report for January showing the third worst monthly drop-off in new home sales since the housing recession began.This is particularly important as it has been suggested recently, most notably by Bob Toll, CEO of Toll Brother, that the new home market was finding a bottom.Clearly though, this is not quite the case as every region showed a substantial decline to seasonally adjusted home sales from December of 2006.Furthermore, nearly every region (save a small increase in the Midwest region) showed declines on a year-over-year basis with the West registering a frightening 50.4% fall-off.Interestingly, even with the unseasonably warm weather that clearly had an effect on existing home sales, the Northeast fell back into the negative column (as I had noted last month, the December figure was revised down this month) for new home sales plunging 18.7% from December and declining 1.6% below the January 2006
DJ * US Jan New Home Sales -16.6% To 937,000;Consensus1.080M Dow JonesThat's one bad number, even with a December revision:DJ * US Dec New Home Sales Revised To 1.123M From 1.120M Dow JonesAs 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.
