New Home Sales Hit Record Low In January

Last week, the Commerce Department reported that new-home sales fell 11.2 percent in January to a seasonally adjusted annual rate of 309,000 -- the lowest level on record. Analysts had expected a 3.5 percent gain. "This should be an ideal time for people to buy. And yet, they're hesitating," notes Brad Hunter of housing consultant Metrostudy. "You're not going to have a robust housing market until you have more jobs, and you're not going to add jobs fast enough to bring down the unemployment rate until you have a robust housing market."