New Home Sales
Also posted this morning was February's New Home Sales figures. The Commerce Department gave us a bit of favorable news by announcing a 0.6% decline in sales of newly constructed homes. Forecasts were calling for an increase in sales, meaning the new home portion of the housing sector was weaker than thought. However, new home sales make up only a small portion of all home sales, so its influence in the markets is not high. That has prevented us from seeing a positive reaction in the bond and mortgage markets this morning.