While the homebuilders weren’t surprised by the better-than-estimated new home sales report released Friday, some people were a bit shocked. But the forward-looking purchase application data was getting better from Nov. 9 up until the early part of February as mortgage rates fell from 7.37% to 5.99%. Now, of course, that has all changed quickly.

On CNBC Friday morning, I highlighted that whatever data stabilization we had at 5.99%, it’s now gone in the blink of an eye.

The homebuilders are crafty people (pun intended). They move homes like they are commodities, not as a secured form details ⇒

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