Monthly New Home Sales

The New Home Sales numbers covering the month of September 2010 were released yesterday.  New Home Sales is the annualized number of new single-family homes that were sold during the previous month and is considered a leading indicator of economic health as it has rippling effects throughout the economy. Personally I think that is going to be redefined in this depression we are in as we cannot continue to make home sales what drives our economy, we need to invest in real manufactured goods and infrastructure. The forecasted number called for 301k and the actual headline number beat coming in at 307k, which beat the prior months revised 288k. This is 78% below the high in 2006, so even if if New home sales were going to drive our economy, then it has a long way to go.