| Housing data was weak on all fronts with sales and pricing in both the new and existing home markets posting declines in the first month of 2010. Although bad weather conditions may have contributed to some of the weakness, it is not good news that extraordinarily low mortgage rates and the extended homebuyer tax credit were insufficient to boost sales activity. New home sales volume hit an all-time low in January while existing home sales fell to its slowest annual pace since June. Exceptionally bad weather conditions in February throughout most of the U.S. will likely result in subdued sales activity again, which would be reflected in the data released next month. The extended federal tax credit now expires at the end April, so it’s likely we’ll see a run... |
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