New Home Sales Drop Dramatically!!
The government's new home sales report for November 2004 shows signs of weakening in the housing market. New home sales dropped a whopping 12% in November 2004. A week ago a report on housing starts showed a drop of 13% in November 2004. The supply of new homes on the market has risen to 4.5 months; the highest in 2 years.The big home builders continue to feed us the story of a robust no stop housing market, but these numbers are telling a different story. For buyers looking to live in a home for less then 2-3 years, it would be wise to proceed with caution. Buyers who are purchasing a home to live in for the next 5 to10 years should fair ok, barring some unforeseen event in the housing market.
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posted by Maverick @ 7:31 AM
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