The end of the Federal homebuyer tax credit in April slowed down Lennar Corp.'s May results and hurt fiscal second-quarter revenue, but the homebuilder reversed a year-ago loss as it cut costs.
The pressure to resume programs that support housing intensify as market trends deteriorate.
New home sales drop to lowest level since the inception of the series.
New Home Sales And Change YOY, SA:
The price of lumber has fallen below the October 2009 lows. Connected money has been fading the weakness but not enough to generate a statistically significant, bullish setup.
Lumber Futures Continuous Contract and the Commercial Traders COT Futures and Options Stochastic Weighted Average of Net Long As A % of Open Interest:
The consolidation pattern within the downtrend has been broken to the downside in the Housing Index.
Housing Index:
Source: finance.yahoo.com
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