New Home Sales Tumble 11.3%, Biggest Decline in 12 Years | |
Anonymous Coward User ID: 56266 ![]() 12/23/2005 12:33 PM Report Abusive Post Report Copyright Violation | The Commerce Department said sales of new single-family homes fell to a 1.245 million unit pace in November -- slower than expected -- after striking a record in October. Wall Street economists had expected sales to slow sharply in November, although only to a 1.305 million unit pace, due to rising interest rates. October's originally reported record rate of 1.424 million units was revised down to still-record 1.404 million. The number of new homes on the market at the end of November climbed to a record 503,000. At the current sales pace, that represented 4.9 months' supply -- the highest level since December 1996, when the number of homes available for sale amounted to a 5 months' supply at the prevailing sales pace at that time. The Commerce Department report showed new home sales fell throughout most of the United States, except for the Northeast, where sales rose 13.4 percent. The median home sales price fell 4.1 percent in November to $225,200 from $234,800 the prior month, the Commerce Department said. This report marked the latest in a string of data suggesting softening in the U.S. housing market after a five-year rally that toppled construction and sales records and pushed prices up more than 50 percent nationwide. |
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Anonymous Coward User ID: 55628 ![]() 12/23/2005 02:27 PM Report Abusive Post Report Copyright Violation | Now's the perfect time to sell. |
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Anonymous Coward User ID: 3724 ![]() 12/23/2005 03:18 PM Report Abusive Post Report Copyright Violation | The bubble HAS burst; They're just not REPORTING IT YET. If you haven't sold by now, you're STUCK with it (unless) you wanna be nickle-and-dimed to death! That's what'll make this a BUYER'S MARKET, (you can buy cheap as sellers will become more & more desperate to sell), SELLERS are going to lose big-time, BUYERS are going to uncover some unheard-of deals! AAAARGHHH!!! It's every man for himself! ![]() ![]() ![]() |
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Shadow User ID: 3608 ![]() 12/24/2005 09:08 AM Report Abusive Post Report Copyright Violation | >The fall-off will slow the economy and make business more difficult for homebuilders such as Toll Brothers Inc., whose stock price fell 29 percent in the last six months.< [link to quote.bloomberg.com] 29% in 6 months. Insiders know what's happening. Over the side and damn the barracuda |