New Home Sales Fall 9.7%

February 24th, 2010 by Belisarius

New home sales fell 9.7% in January to 309.000 SAAR vs. December reading of 342.000 and 360.000 SAAR consensus. Yes, its winter, but it’s disastrous figure anyhow.

Chart 1. U.S. New Home Sales SAAR

Source: U.S. Census Bureau

MBA Purchase Applications Index also fell -7.3% to the lowest level since 1997. It’s a leading indicator, so probably more trouble ahead.

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