Its about time.
The WSJ reports:
WASHINGTON—U.S. sales of new homes fell 11.2% in January, setting a record low and erasing all gains in the market for new homes during the past year, as the economy recovers from recession.
Demand for single-family homes fell 11.2% from the previous month to a seasonally adjusted annual rate of 309,000, the Commerce Department said Wednesday.
Economists surveyed by Dow Jones Newswires had estimated sales would rise 3.8%, to 355,000.
Of course, this is no surprise to anyone with more than two braincells.
Massive housing bubble, massive over-building of houses, houses houses everywhere!
What in the hell would cause economists to think that, with a huge glut of houses, there would be an increase in new home sales?
Did they think all of those houses made in the past few years would suddenly vanish off the face of the earth?
Did they think people would be running out to buy homes in the middle of a depression?
Where did they think people would get the savings required for a down payment? The entire country is BANKRUPT!
WTF ARE THEY SMOKING AND WHY ARE PEOPLE STILL LISTENING TO THEM?
The outrage here is not that new home sales are down. The outrage is that Keynesian retard economists are still being listened to like holy oracles.
Keynes was a retard and his followers are retards.