Filed under: Bad news, Housing
The New York Times has an article this morning about the recent housing data showing home sales and prices fell sharply once again in August. This only re-enforces what most of us have already accepted … the housing crisis is still a long way from being over.
During the month of August, new home sales dropped to the their slowest pace in the past seven years. Not really too surprising as this news seems to be the same every month lately. Sales of new homes dropped to an annual rate of 795,000 units. Prices on new homes were down a pretty remarkable 7.5% from the same period last year to “only” $225,700 as credit concerns and rising inventories continue to weigh down the market.
The drop in home prices is the steepest monthly decline the market has seen all the way back to December 1970 (before I was even born). With the current data continuing to prove what many of us already fear (things are getting worse), one has to really wonder just how bad things are going to get before they are able to stabilize and rebound.
Continue reading More weakness in home sales and prices
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