We've been using this word "hangover" a lot lately to describe the state of the housing market post-tax credit expiry.

The latest government data confirms that it's real. Both new and existing homes sales have been very weak.

And now private players are saying the same thing. Calculated Risk points to this Bloomberg report from Lennar

Lennar Corp.’s home sales are down 20 percent to 25 percent this month compared with a year earlier ... Chief Executive Officer Stuart Miller said.



“The entire market knew there’d be a slowdown as we came off the tax credit,” Miller said on a conference call with investors today. “It’s just that the reality of it doesn’t feel good.”

Bear in mind that the market has seen this coming for awhile.

Yesterday we published 12 charts that show the carnage in the homebuilder stocks >