"Sales of previously owned U.S. homes fell unexpectedly sharply in February and prices touched their lowest level in nearly nine years, implying a housing market recovery was still a long off.
The National Association of Realtors said Monday sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains.
The percentage decline was the largest since July."
"Due to having declined by almost 13% mom in January, new home sales were close to their all-time low. Thus we forecast that they will have recovered slightly to about 300k in February – still lower than the 2010 average of 320.5k."
Here's the one thing you gotta know. No matter how the government or the investment class tries to spin it, until we start building houses and cars again you aren't going to see a recovery. Those two industries were the last of the big money jobs for blue collar guys like me. And there's millions of us out there with no work and really no hope of ever getting jobs even close to what we once had ever again.
Because of this we aren't buying anything and we won't be anytime soon, if ever. Only the essentials now; no more boats, campers, hunting gear, fishing stuff, home improvements or anything else that doesn't absolutely have to be bought.
It's only a matter of time before that ripples through the economy and the white collar world starts to feel the pinch even more than they have. And then they stop spending and the death spiral tightens.
Buckle up and pray. We've got a long ways to go in this economic downfall.