Seems like that great housing bubble is even closer to its inevitable pop:
Sales of new U.S. homes fell 5 percent in January to their slowest pace in a year while the number of homes on the market hit a record high, according to a government report on Monday that signaled further cooling in the housing market.
Sales of new single-family homes declined to a 1.233 million unit annual pace from an upwardly revised 1.298 million unit rate in December, the Commerce Department said.
January's sales pace was slower than expected. Economists had forecast new homes sales would ease to a 1.260 million unit rate from the originally reported 1.269 million unit pace in December.
Article continues here.
What makes this really bad news is the fact that construction season is closing in on us. There will be less new homes for the workers to build if there are less people out trying to purchase them.
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