The market is pretty tight….

In May 2010, 28 thousand new homes were sold (non seasonally adjusted) (NSA). This is a new record low. The previous record low for the month of May was 34 thousand in 2009; the record high was 120 thousand in May 2005.

New Homes Hit New Bottom

The Census Bureau reports New Home Sales in May would create a seasonally adjusted annual rate (SAAR) of 300 thousand per year. This is a sharp decrease from the revised rate of 446 thousand in April (revised from 504 thousand).

The 300 thousand annual sales rate is a new all time record low. The previous record low annual sales rate was 338 thousand in September 1981

It strikes me that the Republican revolution has gone full circle; drunk from their stolen victory in 2004, they’ve crashed themselves into a wall.