Consumer Confidence; New Home Sales; Home Price Index

Summary: Headline reads New Home Sales up 3.3%; so Happy Daze are here again!!

Under the sheets... from last year, a 42% sales decline. Consumer Confidence hits a 16 year low...

while the Home Price Index sets 20 year record as broadbased declines continue.

New Home Sales Apr +3.3% 526K vs 509K Full Report

Inside the number: Sales Yoy NE -58%; MW -39.7%; S -41.7%; West -37.8%; YTD -36.3%.

Inventories decreased -4.5%; at current sales pace, 10.6 vs 11.1 months; Yoy +43.2%;

And its just sitting... months on market increased to 8 vs Sept 06 low of 3.4.

Consumer Confidence May 57.2 vs 62.8 Full Report

Inside the number: Present conditions declining 74.4 vs 81.9; expectations declined 45.7 vs 50;

business conditions to worsen in 33.6 vs 27.4; next six months projected inflation soared a record 7.7%.

"The Expectations Index suggests little likelihood of a turnaround in the immediate months ahead."

S&P Case Schiller Home Price Index April 172.2 vs 176 Full Report

Inside the number: Yoy 20 city -14.4%; 10 city -15.3%; Q108 vs Q107 -14.1%; the largest declines in the series 20 year history.

Yoy Declines: Las Vegas 25.9%; Miami 24.6%; Phoenix 23%; Los Angeles 21.7%; San Diego 20.5%; San Francisco 20.2%.