New Home Sales, Inventory Chart: You're Going the Wrong Way!
posted on: April 28, 2008
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The direction of the curve and the bars in the chart below are starting to remind me of John Candy's late night driving adventure in Planes, Trains, and Automobiles.
CNN reports:
New home sales fell in March to the lowest level in more than 16 years, according to a key government report on the battered housing market released Wednesday.
March sales came in at a seasonally adjusted annual rate of 526,000, the Census Bureau report showed, down 8.5% from a revised 575,000 in February and down 36% from a year earlier. It was the lowest annual rate since October 1991.
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The median price of a new home sold in March was $227,600, down 13.3% from a year earlier. The last time the median home price fell this sharply was July 1970, when it dropped 14.6%.
Thursday's report "paints the picture that the downturn in the housing market continues," said Scott Anderson, senior economist at Wells Fargo.
Yes, the downturn in the housing market continues. What an insightful comment. Is that the best they could do at CNN? Why bother with getting a quote? The downturn continues?
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This article has 20 comments:
Thx jegan
Is this one different or just another bull trap rally? You be the judge but take a look at the difference between housing starts and the annual sales rate of new homes as a guide...
I know it is late (or early?), but step out of it man, you must have tripped and hit your head! "Bush (Cabal) government?", are you talking of the same Bush government which proclaimed crusades a couple of years ago? Instead of sucking on your cheap beer and then bitching afterwards, get off of your butt and vote for the responsible politicians (like Ron Paul), next time around. Looking for the goat, won't get you anywhere, wise up dude... :-(
Is Ron Paul (still) running? Where is he running to? Does he have a ticky? No ticky, no runny!
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