January home sales in Southern California were their slowest in three years: LINK The "bad weather" lies do not work there because SoCal was warmer than normal in January. How about the truth: the housing market is back in its bear market trend.
And the big banks have been withholding a large portion of homes they have foreclosed on over the past 4 years. They can do this because the Fed's QE has injected $2.5 trillion in cash onto their balance sheets. The homes will soon hit the market, as foreclosures are spiking up again. If you scan through enough homebuilder 10-Q's, you'll see that homebuilder inventories have seriously ballooned over the last year. inventory is significantly higher than propaganda is reporting. And if you read my series of articles on the housing market over the past 3-4 months, you'll see the real data showing sales falling at an accelerating rate month the month and that prices are quickly dropping.