Thursday, March 24, 2011

US New Home Sales Fall Record 16.9% to Lowest Level Since JFK Era

Disastrous.  This is the MOM January to February 2011, and YOY for Feb 2010, the decline was worse at -28%.  This data is for contracts.  Meaning that closed sales for April & May, "Spring Selling Season," will be weak.
"The housing market has literally collapsed," said Tony Sanders, a real estate finance professor at George Mason University.  "We're stuck, it's not going to revive in the Spring, and it may not in the summer."
Read at MarketWatch.

See Also:
Nest Realty Group: Major Median Home Price Declines February 2011
Cville and Nat'l Home Sales Drop in February
27 Facts About "The Housing Crisis That Never Seems to End"


Chart via ZeroHedge:

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