March 26 (Bloomberg) -- New-home sales in the U.S. unexpectedly fell in February to the lowest since June 2000, dimming prospects for a quick revival in housing.
Purchases declined 3.9 percent to an annual pace of 848,000 last month from a revised 882,000 rate in January that was lower than previously reported, the Commerce Department said today in Washington. The supply of unsold homes at the current sales pace rose to the highest in 16 years.
While builders are offering more incentives to unload homes already built, the actual number of homes in inventory may be more than the government reports because it doesn't include cancellations, economists said.
The DOW was signaling some concern ahead of this report and YM is now testing 12500. NQ broke below its 50 DMA at 1813.
Copper is on a bid which is a heads up for bears to not expect a complete collapse(normally a bad housing number would bring copper down), although we certainly are having some decent selling so far.
Purchases declined 3.9 percent to an annual pace of 848,000 last month from a revised 882,000 rate in January that was lower than previously reported, the Commerce Department said today in Washington. The supply of unsold homes at the current sales pace rose to the highest in 16 years.
While builders are offering more incentives to unload homes already built, the actual number of homes in inventory may be more than the government reports because it doesn't include cancellations, economists said.
The DOW was signaling some concern ahead of this report and YM is now testing 12500. NQ broke below its 50 DMA at 1813.
Copper is on a bid which is a heads up for bears to not expect a complete collapse(normally a bad housing number would bring copper down), although we certainly are having some decent selling so far.
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on Monday, March 26, 2007 at 3/26/2007 10:04:00 AM.
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