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Unfortunately, that headline seems to be more and more accurate as the numbers keep rolling in:

Sales of new homes in the U.S. fell in December to the lowest level on record, creating an unprecedented glut of unsold properties that casts doubt on any recovery in the industry this year. Purchases dropped to an annual pace of 331,000, lower than all 70 forecasts in a Bloomberg News survey, Commerce Department figures showed in Washington.

Economists had forecast new home sales would drop to a 397,000 pace, according to the median forecast in a Bloomberg survey of 70 economists. Estimates ranged from 345,000 to 412,000. Commerce revised the November sales pace down to 388,000 from the 407,000 rate previously reported.

Every stat gets worse, and yet the "optimists" pump up the market on nothing but hope because of all the excess cash sloshing around out there in the hands of the money-managers. It's so dumb. We should just let all these insolvent banks fail and get it over with. Bring on the carnage now so that we can recover in 2010, or else we'll all just keep sitting here hoping...hoping...

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