Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: John Vosilla who wrote (19808)	12/29/2004 12:22:32 PM
From: mishedlo	Read Replies (1) of 116555

Existing home sales sure is in contrast to this post: ============================================================= US New-Home Sales Plunge in Nov Sales of new homes unexpectedly plunged in November at the sharpest rate in more than a decade, falling 12 percent to the weakest annual rate since July, the Commerce Department said on Thursday. The November sales tumble, which was well below Wall Street forecasts for a 1.20 million unit rate, followed a revised 4.2 percent increase in October to a rate of 1.278 million. Previously, the October rate had been reported as 1.226 million. November's 12 percent drop was the sharpest since a 23.8 percent plummet in January 1994, while the sales rate was the slowest since 1.095 million in July. Sales last month faltered in every region except the South - the largest regional market -- where they were up 13.6 percent. By contrast, sales fell 7.1 percent in the Northeast, 27.9 percent in the West and by a whopping 39.4 percent in the Midwest. Home sales have been a bulwark of the U.S. economic expansion, helped by relatively low mortgage rates that have enabled homebuyers to take out bigger loans. But prices also have escalated in much of the country, possibly to levels that keep would-be buyers from qualifying for mortgages in some parts of the country. The supply of new homes for sale also climbed significantly in November, up to 4.5 months' worth at last month's sales rate compared with 3.9 months in October. The November supply was the highest since a matching 4.5 months' worth seen close to two years ago, in February 2003. ==================================================================== OK new starts plunge New sales plunge existing homes hit new highs Someone care to intrepret that data? Mish

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