Housing Continues Its Drop

The housing woes continued today as it was announced that new home sales had fallen more expected recently. The sales of new single family homes fell 4.7%, an annual rate of 604,000, lower than the projected 647,000.

This most recent drop makes for a fall of 26% for new home sales last year, the biggest decline since 1963, the Commerce Department said on Monday.

According to the NY Times, “last week, the National Association of Realtors reported that sales of previously owned single-family homes, a large portion of the overall housing market, suffered their biggest annual drop in 25 years. Prices have also fallen sharply. In December, the median price of a new home fell to $219,200, down 10 percent from December 2006.”

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1. Home Prices Keep Falling
2. Do-It-Yourself Real Estate Tools
3. Zoning & Architectural Review Board Restrictions When Buying A Home
4. Buying a Home at Auction
5. The Bad News Begins