Monday, October 27, 2008

New Home Sales

The September number for new home sales, which should have been weak, unfortunately rose 2.7%.

Good is bad (up is bad?) here as the market needs to clear the glut of existing homes, not build new ones. The market continues to make it difficult to do anything constructive other than wait - there has been no whoosh-down capitulation, not enough despair, just an almost-daily pounding.

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