Record Low New Home Sales
Wednesday, February 24, 2010 at 11:22AM 
Those banking on a recovery in housing may be having second thoughts this morning as New Home Sales for the month of January declined 11.2% to 309K. This was not only weaker than expected (consensus called for an increase of 3.8%), but it was a record low. The declines were sharpest in the Northeast where sales declined 35%, and some say the cold weather in January helped to contribute to the declines. The northeast region was the smallest of the four national regions with only 24K in sales, and based on data from NOAA, January was actually warmer than average in that region. (It did snow quite a bit though.) While the south saw cooler than average temperatures, which may have contributed to the declines in that region, temperatures were warmer than average out west and sales still declined by nearly 12%.
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Reader Comments (5)
It never fails to amaze me how wrong all those gurus are. And it also does not fail to amaze me what a circus it is to have all those data published at certain times and intervals. This is not reality but a show to allow the media to constantly have "news". Then the numbers will be corrected and forgotten. It really serves no one to have all these bits and pieces of misinformation. What would I do with it anyway? Sell or buy something to help someone behind the numbers to make a profit? Bad joke!
So the trend line continues, save for a brief uptick more likely than not caused by government attempts to prop up the market.
How many billion will that uptick cost the few remaining taxpayers?
Roy Cobden
$8-14 Billion for Broad Band to the last mile to give away free? 10's of billions for pet projects of Congress with 1.3-1.4 Trillion for banks and bail outs, now were almost 10's of Trillions in debt, and WHERE will this insanity stop! Tax's are coming, make no mistake. We borrow and print more money to pay just the interest we owe on our debt. Housing... this is what all started this BAD economy and probably will continue, just like happened in Japan, took them 20 years to correct! Clinton days, lets spur economy by making laws, let poor folks get mortages for NOTHING down, matter fact, lets make it so that they can buy the house and GET CASH also! Housing sales continued like mad! Sky rocketing prices for them, building like mad, and then it started, 0% or reverse mortgages .. the interest rate started in, and the free ride was over, poor folks that got housing for nothing, had to start payinig, only they couldn't. HEY, no problem, we paid nothing for the house, so lets just leave and let it foreclose. So 500,000 folks who bought in for no down payment, no cash down, zero interest, or 125 loan to value-cash out, Walked away. SUPER foreclosures, and the ripple wave started. Banks started faulting cause of it, credit cards, companies, insurance, stock markets, etc etc, and now we're still seeing it's not all over. We have another 15 years to go, and if current Administration keeps this FREE MONEY wheeling, more corruptions, more pork spending, our Taxes will HAVE to go up, and then there will be 15%-20% unemployment. Who can afford to work if government, states, counties account for 75% tax on the money you make. Insane, but that is what will be coming. At least we may get FREE health care if we are unemployed, well at least if we're illegal aliens.
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@bigstrings.com, how ironic of a name is that. $10 a month to get in, $1000 a month to find out what it is and likely double that to make anything. Weee! Or earn an honest living doing something that is needed. Selling things to american consumers is a dying art. But selling worldwide is where to be. Yes a home based business is a great idea if YOU have a product people want. My uncle tried to get me into this thing selling these "great" health shakes. It's a scheme of course. And if everyone and their dog is selling it, what chances do I have? Niche markets people.
Oh and don't forget bizdevman business taxes are going up so you'll have to earn even more, to keep uncle sam flush with worthless dollars. Yeah the government sold us down the river. But remember people, the majority of people pay nothing into the system so they won't want it changed. Dependence (in this case on government) is slavery.
My new life motto (I didn't make it up), "If government is the answer. It was a terrible question."