Though it has been rumored that home prices are beginning to stabilize, the NEW home market continues to suffer. I suspect that this phenomenon occurs because the market for NON-new homes continues to be tremendous. That is, as long as large amounts of older product remains on the market, the NEW home market will suffer. Oh, how I wish I was done with law school and had the money to buy myself a shiny new home! Here is the article.
New home sales hit record low in January
WASHINGTON (AP) -- 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 Commerce Department reported Wednesday that new home sales dropped 11.2 percent last month to a seasonally adjusted annual sales pace of 309,000 units, the lowest level on records going back nearly a half century. The big drop was a surprise to economists who had expected sales would rise about 5 percent over December's pace.
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