Most of the pain has been felt in the largest markets: the West and South. New-home sales are down more than 50% year-on-year in the West, the largest percentage drop in the region since 1981. In the South, sales are down 11% in the past year. Sales are down 2% in the Northeast and are up 1% in the Midwest. Home builders have piled on incentives, including offering free vacations and new cars, to sell homes and reduce inventories. Such incentives aren't subtracted from the sales price reported to the government.[tags]home sales,new home sales,housing bubble,real estate bubble,California real estate[/tags] San Diego real estate agent
What is very scary is that we are only at the START of this drop!
Jim
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As a long time reader of your blog, I’m not surprised. Keep up the good work!
Jean
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I have a feeling a few San Diego homeowners will soon have a rude awakening.
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Tough times in real estate may change the San Diego conventional wisdom that you can never lose in real estate.
James
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