Housing Bubble
Looks like the housing market may be doing some adjusting on its own.
From
Reuters/Business:
January new home sales fall 16.6 percent
Sales of new U.S. homes fell 16.6 percent in January and prices were little changed as the number of new homes on the market decreased slightly, according to a government report on Wednesday showing some weakness in the unsteady housing sector.
The monthly decline was the sharpest in 13 years, since a 23.8 percent drop-off in January 1994.
New single-family home sales fell to an annualized rate of 937,000 units from an upwardly revised rate of 1.123 million units in December, the Commerce Department said.
Analysts polled by Reuters were expecting January sales to dip to 1.080 million from the previously reported rate of 1.120 million units in December.
Home resales are up though and it seems that the West is being hit the hardest for new sales:
Home resales, which represent 85 percent of the housing market, climbed to a 6.46 million-unit annual rate.
Across the regions, the West saw the sharpest decline in new home sales with a 37.4 percent drop. In the Northeast, new home sales fell 18.7 percent while they decreased 8.1 percent in the Midwest and 9.7 percent in the South.
Posted by DaveH at February 28, 2007 1:32 PM