Sales of new U.S. homes plunged in February to the fewest on records dating back nearly half a century, a dismal sign for an already-weak housing market.
LET me preview the 10 AM data due out today, after peakng in 2005(stocks in 2007..YES a warning then!) we went from 1.4 MILLION per year to UDER 240,000 PLEASE let that sink in and the effect that IS having on our economy......we are having such a raucus recovery that we have RECORD unmbers on govt assistance...IMHO stocks are NOT done correcting
More uplifting news:
"The problem stems from the massive increase in jobless claims during the Great Recession. The surge drained state unemployment trust funds, forcing states to borrow from a federal fund to cover their 26 weeks of unemployment benefits.
Some 32 states now owe $45.7 billion to the fund, and could have to pay about $1.4 billion in interest this year. The burden will fall mainly on businesses, which will have to pay more in unemployment taxes." (cnn.com)
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