Record low for home sales in January

From the AP last week:

Sales of new homes plunged to a record low in January, underscoring the formidable challenges facing the housing industry as it tries to recover from the worst slump in decades.

The data was not specific to any states, but the Northeast posted the worst numbers of all regions.

This information is made worse when considered with recent news that 25% of all homes are valued below the mortgage balance.