*December new homes sales, seasonally adjusted annualized, dropped from an upward revised 398K (was 377K) to 369K on expectations of a 385K print;
*That this was the biggest M/M drop since February 2011;
*That months supply rose from 4.5 to 4.9, the highest since January 2012;
*That on an unadjusted, actual basis, a tiny 26K houses were actually sold in December, compared to 24K last December, of which just 2K in the Northeast;
*That a whopping 1,000 houses were sold in the $750,000 and over category
*That houses for sale rose to 150K, the highest since December of 2011
*That the punditry already spun this as being due to lack of clarity over the Fiscal Cliff and tax hikes, when in reality with expectations of higher taxes, consumers would have spent more money on hard assets in December, but why not regurgitate generic stupidity...
Or we could just show this chart of the non-seasonally adjusted, unannualized New Home Sales in the past decade, and ask: just where is this recovery everyone keeps on talking about?
Don't forget that you're talking about new home sales only. They only represent a small fraction of the housing market.
Keeping looking for the positive news. Only one direction from here. What is the next gambit of tricks from the Fed? negative interest rates? Pay until you die loans? They could wrap a mortage and life insurance together as the ultimate debt slavery sentence. Have a mortgage for your full life! You are American and deserve it. Hey, maybe they will come up with a family style mortgage that can extend generations. A 200 yr mortgage! That might create another small blip that we can cheer about.