Ugly Housing Data
Wow, the Feb 2006 data is even worse than the lowest estimates.
New house sales declined at a -3.9% in Feb to an 848,000 pace. This is the slowest rate since June 2000. The drop-off for sales and increasing starts has boosted inventories. At these levels, it would take more than one year to unwind the excessive stock of homes. Completed unsold homes are up 43.2% y/y and the median price is down -1.3%.
New house sales declined at a -3.9% in Feb to an 848,000 pace. This is the slowest rate since June 2000. The drop-off for sales and increasing starts has boosted inventories. At these levels, it would take more than one year to unwind the excessive stock of homes. Completed unsold homes are up 43.2% y/y and the median price is down -1.3%.
posted by Never-Limp at 8:45 AM
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