Today's numbers on New Housing affirms that the existing housing probably borrowed the New Housing figures to pad up the numbers. In addition, I do not believe that Association of Realtors are reporting accurate facts and are painting a rosier picture of the state of the mortgage and housing industry. Why would they? The Association of Realtors do not have a vested interest in reporting the accurate truth. So now the media is jumping on the band wagon stating that the New Housing numbers are bleak. What needs to also be considered is that the commercial lending to builders will also start seeing deliquencies. WSJ article today states that there has been a rise of late payments from 30 to 90 days and the dillinquent figures have gone up dramatically. I do not think anyone is really paying attention to this fact. But facts are facts and this can only add to the continued woes that these industry now face.
Oh by the way, did you see that Angelo Mozilo sold another 46,000 shares on 3/23/2007?
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Today's new home sales report: Demand down 1/2 million homes. Contractor bankruptcies inevitable. http://infohype.blogspot.com
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