More evidence that housing is already rolling over.
New home sales fell 2.2% in February vs. expecrtations of a 1% gain.
You can download the full announcement here.
This is just the latest evidence we’ve gotten that if there is a recovery, the housing market is refusing to particiupate. Yesterday existing home sales were a disappointment, and mortgage applications were also disapointing.
Time for another homebuyer tax credit. Oh wait, California is doing just that!