March new home sales dropped 14.5% to 384,000 from 449,000. The blame was placed on bad weather, mortgage rates and low inventory, but apparently the weather was great in February. Jon Corpina of Meridian Equity Partners believes that a lack of economic reports is the reason the home report is getting so much attention today. He agrees that corporate earnings have been strong and has helped the market stay near its high levels. It’s the global uncertainty holding stocks back.
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