MICHELLE MEYER: Here's How You Should Think About Surging New Home Sales And Shrinking Supply (ITB, XHB)

This morning we saw two huge housing data points. Home prices posted their biggest gain since July 2006, while new home sales surged 15.6 percent month-over-month. However, the already tight housing supply is getting even tighter. Bank of America economist Michelle Meyer spoke with us about housing supply, whether we should give too much weight to this months number, and what she's seeing in the West and Northeast housing market. BAML expects home prices to rise by 4.7 percent in 2013. ---------...