According to Yahoo Finance:
"Fewer Americans bought new homes in December. The decline made 2011 the worst year for new-home sales on records dating back nearly half a century."
So what do the "experts" conclude?
"Although this decline was unexpected, it does not change the story that housing has likely bottomed," said Jennifer H. Lee, senior economist at BMO Capital Markets.
Um, why? Because it's reached a new low? You just told us it was unexpected, so how can I not expect you to miss the next forecast too?
But this last statement floored me.
"A sustained rise in new home sales is imminent," he said. "Homebuilders say so too, and they should know."
"Homebuilders say so too, and they should know."
1 week ago