Tuesday, May 24, 2011

New Home Sales April

323,000.  Tied for the lowest April ever.  Still waiting on the recovery.  Only about 6 years worth of total remaining inventory to get through before we can begin to have a market again for new homes.  That is unless the homeowners that are currently under water realize there is no reason to continue making their mortgage payments.  The two to three years of living for free before the bank forecloses sounds better and better every month.......

Chart below shows the pain.