Both the present sales and buyer traffic measures managed small increases in February, but the index for sales during the next six months slipped to a new record low ?EUR??,,????'??+ consistent with the dismal readings on home buying plans reported by the Conference Board.

All major regions of the country had record or near-record low HMI readings in February. The HMI for the West now stands at 5, down from a cyclical peak of 91 during the home buying frenzy in fall 2005. In July 2007 the national rating stood at 24 and has declined steadily since. Three of the past four months have seen the rating at 9.