Knowing that a housing recovery is fully underway, because we have heard it for many months on the news, investors were excited for this week's economic data which is packed with housing numbers.
We kick things off this week with the new home sales number, and it was as expected: remarkable.
In February we saw the lowest number of sales in history posting an annual rate of 250,000.
This was only 28% off Wall Street's expectation of 347,000. The chart below illustrates this American tragedy:
The clock is ticking on many home builders to stay alive as their interest payments on empty land continue to remove oxygen every month.
They continue to hope that the mania will return. I continue to believe they will be handing property directly back to the banks.
We'll have to wait and see which comes first.