US Consumer

• February Consumer Confidence down 10.5 to 46 (average 71).
• New Home Sales hit a record low 309,000 annualized, breaking the March ‘09 low of 332,000.
• Existing Home Sales down 7.2% in January.
• 5,000,000 homes have negative equity of 25% or more.
• Home ownership is 67.4%. Closer to the 69% bubble peak than the 64% previous norm.

Next Question

When the Federal Housing Association goes back to Congress for new funds will Congress demand tighter lending standards and increase down-payment requirements?

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