Home sales

The Commerce Department just reported, that new home sales fell for the third consecutive month to a five-month low!

Nationally, many believe if the current pace continues, 2011 would be the worst year for new-home sales in nearly half a century.

Well, there was some good news in this report, and that was that sales rose in July for new homes valued at less than $150,000 and also increased for those going for more than $750,000. But mid-priced home sales fell.

What you won’t see reported along with the story, and probably the most ominous sign this drop in new home sales is indicating, is that this drop in sales is occurring at the seasonal best time for real estate sales. So, in a couple months as we approach fall and winter, the traditional slow time for real estate sales, what do you think will be happening in the market?