New Home Sales Hit 12-Year Low

Related Newser Stories

• Home Sales, Prices Plunge

  Dec 23, 08 10:52 CST
  The housing market had another staggering setback in November, with sales of new and existing homes tumbling while prices took their biggest hit on record, the Wall Street Journal reports. Existing-home sales fell a worse-than-expected 8.6%, while the national median price fell 13.2% to $181,300, the steepest slide since record-keeping began in 1968 and probably since the Great Depression, according to the National Association of Realtors’ chief economist. More »

• Stocks Plunge on Housing Data

  Oct 17, 08 8:50 CDT
  Stocks dropped today at the open, after a dour housing report reaffirmed market pessimism. But the day is expected to be a volatile one, the Wall Street Journal reports, after yesterday’s wild session. The Dow dropped 221 points at the bell, with the S&P and Nasdaq dropping 2.6% and 2.4% respectively. President Bush again tried to calm markets and the country this morning, defending the government’s various interventions in the market. More »

• Housing Will Bottom June 30, 2009: Cramer

  Sep 8, 08 2:29 PM CDT
  Jim Cramer has spent over a year “shouting in my usual unhinged way” about the bleak real estate market, he writes in New York. But now he’s so confident housing’s headed for a bottom that he’ll name the exact date: June 30, 2009. Why?

  1. New home construction has fallen spectacularly, and "by next June we won’t be building enough homes to accommodate demand."
  2. Congress has authorized $300 billion in FHA loans. Foreclosures and supply will both nosedive as a result.
  More »

• Home Sales Up in July; Market Glut Begins to Ease

  Aug 26, 08 10:53 CDT
  New home sales rebounded a bit in July, according to Commerce Department data released today, and the glut of properties on the market began to ease, Bloomberg reports. The 2.4% uptick in sales fell short of the pace economists were looking for—hitting a 515,000 annual pace rather than 525,000—but the inventory of unsold homes fell 5.2%, the biggest drop in 45 years, to a 416,000 pace.
  
  
  
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• Home Prices Fall Again; Rate of Decline Sets Record

  Jul 29, 08 11:01 CDT
  Home prices continued to nosedive in May, a signal that the housing crisis may be worsening and a red flag for the credit markets and Wall Street, reports the New York Times. Every region covered by the S&P/Case-Schiller home-price index showed a drop compared to May 2007, with the rate of decline setting a record for the 21-year-old metric.
  More »