New Home Sales number was Baaaaaaaaad. This is a leading indicator for housing because it reflects what is happening at least 1-2 months ahead of Existing Home Sales which require an ESCROW to close. New Home Sales just require a SIGNED SALES CONTRACT and are subject to high cancellation rates. 25 – 40% theses days. Lending crunch started in March, TsunARMis begin resetting in April. Sellers are the ones !@#$% now !
Check out current price drops in your favorite neighborhood at:
