December 9, 2024

California housing market Home sales figures from the Commerce Department showed that sales of new homes fell 6.6 percent last month to a seasonally adjusted annual rate of 834,000 units, more than triple what had been expected and the largest percentage drop since sales fell by 12.7 percent in January. This news caused the stock market to tumble 311 points! [tags]home sales,real estate bubble,housing bubble,housing bust[/tags]  condominiums downtown San Diego  real estate agents San Diego

4 thoughts on “New Home Sales Drop – Causes Stock Market Tumble

  1. While headlines blare the bad news of a slumping real estate market, the service industries that feed on real estate are struggling as well. Title companies, lenders, pool contractors, pest inspection — if homes aren’t being built, if they aren’t selling, and if homeowners have reduced disposable income in their pockets, the ripple effects can be tremendous. Many areas of New Jersey are also in a big value drop.
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