Bottom fell out of new housing sales in January

Hope and change. Down 11% from January, 6% lower than January last year.

And while January sales were dead, looking forward, we see that purchase money mortgage demand has plummeted to its lowest level since 1997.


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7 responses to “Bottom fell out of new housing sales in January

  1. Anonymous

    Hi Chris,

    Last year you published a FDIC “watch list” totaled like 540 banks..I read in the paper today that the list is up to over 700 do you remember what web site you saw this watch list on?


  2. vitabrevis

    Once again, “unexpected” rears its ugly head. With unemployment at record highs and the assclowns in DC creating nothing but uncertainty, why is any kind of spending decline “unexpected”?

    From the WSJ….

    Sales of new single-family homes in the U.S. sank 11% in January to a seasonally adjusted annual rate of 309,000. It was an unexpected tumble that sent sales to their lowest level since records began in 1963 and wiped out much of the progress made in the last year. Economists surveyed by Dow Jones Newswires had expected sales last month rose 3.8%. Sales in December fell 3.9%, revised from an originally reported 7.6% decline.

  3. Stanwich

    Yeah, but Case-Shiller index just posted a small gain. Mixed signals but neither of these metrics say much about the Greenwich market since we don’t have swaths of new tract housing and Case-Shiller doesn’t segment a market small enough around Greenwich.

    I think a better barometer is Wall Street bonuses and the health of the financial sector in general (remember that the financial industry has a huge trickle-down effect on our regional economy).

  4. Anonymous