Thursday, July 26, 2007

New Home Sales Down Substantially

WASHINGTON (AP) -- Sales of new homes tumbled in June by the largest amount in five months, provoking new worries on Wall Street about how much the prolonged housing slump will hurt the overall economy.

When I posted the previous article pertaining to industry sentiment - Mine was dead on with the other people, so there was no need for a commentary. Today the market got hammered based on home sales. While the market was tumbling I was busy searching through building permits for work to go after. 10 to 1 says the market rallies on...

On August 15 the next sentiment will come out - This will be better than last weeks. The market does not move on industry sentiment. My hunch though is this is lining us up on where I think we are heading.

August 16, 2007 will be the next housing start numbers. This will be a modest rally point.

Next new homes sales number will be August 24 - This is do or die.

as always click on the heading for the blog for the news article link

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