If you look at the seasonally unadjusted sales for December, the sales were down 24.5%! That's right folks..a decline of 25%! The november sales also were revised from 87.6 to 87.2
Of course you wont hear anyone on MSM talk about the declines of 25%.
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And we haven't even begun to see the full effect of the downgrading of the monolines yet.
From CR :
A few headlines from D.R. Horton (largest U.S. homebuilder):
Cancellation rate 44%.
Housing environment is "Challenging"
Average ordered home price fell 17%.
Inventory of homes is "too high".
Cancellations high in California, Arizona, Florida, Las Vegas.
California housing market won't recover in next 12 months.
Pricing weaker than expected.
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