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$12.61 (1.92%)
06:37PM (15 mins delay)
Nov 04, 2009 - 7:31 AM EST
Stephen Rosenman submits:New home sales came in at 31 thousand for September which disappointed investors who had been hoping for more like 34 thousand. The market worried that the real estate market had once again fallen off a cliff as the home tax credit was ending. When the numbers came out, the homebuilders sold off brutally. I think we have to keep these numbers in "historical" perspective. This year's dismal home sales are way below just about anything that has been seen in 45 years.
Between February 1990 until October 2008, no single month came in at less 32,000. Between January 1963 to January 2008, only 18 months came at less than 32,000 and many of these occurred in the 1960s and early 1970s. This September was the worst September since 1981. From 1998 to 2007, Septembers ranged from 53,000-94,000.
Source: Seeking Alpha (Nov 04, 2009 - 7:31 AM EST)
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