let us take you to scarlet fu. scarlet: new home sales was makes up 7% of the residential market but it is counted one contracts are signed a being more timelier and they saw a drop of 11.4%, the first the client in four months that follows three straight months of gains. it is 481,000 on a net basis. additionally, the february numbers were revised lower as well. recent home cells have been constructive at the upside potential is limited by a lack of inventory. they were projected to soften but this is a bigger drop than what economists have been looking for. this doesn t seem to have much of an impact on financial markets on u.s. stocks. u.s. stock indexes are moving higher. the actual change is negligible because the s&p 500 has little change. you are seeing the leg higher here for u.s. stocks. evidence perhaps that the housing market is under pressure. erik: thanks very much. we are waiting for statements from president obama. he will be speaking to reporters in the white