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News Link • Housing

The Depression is Here: New Home Sales Fall To 50 year Low

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Face it, this is a housing crash. New home sales fell in July to the lowest level on record as the housing market continued to suffer from the end of the homebuyer tax credit boost. This is after yesterday's report of a 27.2% decline in sales of existing homes. New home sales dropped 12.4% to a seasonally adjusted annual rate of 276,000 last month, down from a downwardly revised 315,000 in June, the Commerce Department reports. Get this number: Sales year-over-year are now down 32.4%. Housing inventories will be a major overhang on the market. Prices will head much lower.

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