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February is supposed to be the saving grace of home builders and real estate agents everywhere. The start of the "spring selling season" and the time when all is made right in the world and makes everyone forget about slow winter sales.
Not so much this year.
Sales of new one-family houses in February 2007 were at a seasonally adjusted annual rate of 848,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 3.9 percent (±17.4%)* below the revised January rate of 882,000 and is 18.3 percent (±12.2%) below the February 2006 estimate of 1,038,000.
According to Calculated Risk this puts housing on pace with 1996-97. CR does some excellent analysis in comparing home sale collapses and their tendency to be a precursor to recession. Worthwhile reading.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
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