Note: This is an update of an article by the same title published in early January. Data and discussion of the previous article is not repeated here, unless specific updates are being made. Some additional data is included in this article, including data from the National Association of Home Builders and regional housing market differences.
Thursday morning (February 26) a new U.S. Department of Commerce report found new home sales in January at a lower level than any time since they started keeping records in 1963 (New-Home Sales Tumble To Record Low; Prices Fall). The day before, the National Association of Realtors announced a 12-year low in sales of existing homes for January (January Existing Home Sales).
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