New home sales in January fell 48.2% from January 2008. This is the slowest rate Census Bureau has recorded.
Seasonally adjusted, there were 309K new homes sold compared to 597K last year. With the jobs report like the one this morning, it's going to be harder for families to buy a new home.
Meanwhile, the inventory for new homes rose to a record 13.3 monts from 12.2 months last month and 9.8 months in January 2008.
It's getting worse for the housing market. But it's better to let the market find the equilibrium rather than have the government intervene and try to prop up the market artificially. Affordability is the key to solving the housing crises and we still have a long way to go before we stabalize.
The content contained in this blog represents the opinions of HousingDepression.
This commentary in no way constitutes investment advice. It should never be relied on in making an investment decision, ever. Nor are these comments meant to be a solicitation of business in any way - such inquiries will not be responded to. This content is intended solely for the entertainment of the reader, and the author. We may hold either long or short positions in securities of various companies discussed in the blog. The information in blog may contain misspellings and other inaccuracies. It is provided "As IS," without express or implied warranties of any kind. HD represents all rights to the information.
Technorati Tags new,sales,home
No comments:
Post a Comment