The Commerce Department reported today sales fell 3.6 percent (the report reflects contracts to buy homes, not completed sales) to a seasonally adjusted annual rate of 402,000.
Here in the West the sales drop was almost 11 percent.
This is the first decline in new home sales since March. New home sales in September were off 7.8 percent from a year ago. Even with this decline, new home sales are up 22 percent from January, though down more than 70 percent from the peak in July 2005.
Housing prices and sales will continue to decline. Expect 3 years before the bottom; Commercial real-estate will suffer a steep decline as well.
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