Thursday, April 24, 2008
The direction of the curve and the bars in the chart below are starting to remind me of John Candy's late night driving adventure in Planes, Trains, and Automobiles.
New home sales fell in March to the lowest level in more than 16 years, according to a key government report on the battered housing market released Wednesday.Yes, the downturn in the housing market continues. What an insightful comment. Is that the best they could do at CNN? Why bother with getting a quote? The downturn continues?
March sales came in at a seasonally adjusted annual rate of 526,000, the Census Bureau report showed, down 8.5% from a revised 575,000 in February and down 36% from a year earlier. It was the lowest annual rate since October 1991.
The median price of a new home sold in March was $227,600, down 13.3% from a year earlier. The last time the median home price fell this sharply was July 1970, when it dropped 14.6%.
Thursday's report "paints the picture that the downturn in the housing market continues," said Scott Anderson, senior economist at Wells Fargo.
Here's what it looked like early the next day after Del Griffith and Neal Page went the wrong way the night before as Del played "The Mess Around" on an imaginary keyboard above the steering wheel.
Here's some audio help for the imagery: