Bad News for the Housing Industry

In January, sales of new US homes dropped to a record low of 309,000 units. This was an 11.2% drop since last month and quite suprising to economists who thought sales would rebound like they had slightly over the previous months. Economists believe this drop could have occured because of the withdrawl of government support programs. This seems to show that the econmy is not improving even though some indicators are up. I guess we will just have to give it a bit more time and realize that the economy is probably never going to rebound to the level it was at before this drop. http://www.foxnews.com/politics/2010/02/24/new-homes-sales-plunged-record-low-january/http://money.cnn.com/2010/02/24/real_estate/new_home_sales_January/index.htm?hpt=T2