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4/24/07
If we measure what is standard off of a peak year, we will be disappointed. We should start getting concerned when the volume drops below 6 million resale units (annualized) for three months. It did not. Compared to what economists on Bloomberg expected, there was about a 4% variance. Last month had very strange weather, and the variance is equal to about 1 days sales. Before panicking, I would wait for the reports over the next few months. The OFHEO report for the first quarter comes out around the first of June. It is a more reliable indicator.
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