New Home Sales Plunge - Lowest Ever Recorded!

From CNNMoney.com - "New home sales plunge to lowest on record",

Sales of newly constructed homes plunged in December to the lowest level on record, going back to 1963, according to a government report released Thursday.

The U.S. Census Bureau reported that new home sales fell to an annual seasonally adjusted rate of 331,000 in December. That's down 14.7% from a revised 388,000 annual rate in November.

The December sales pace was 44.8% below the same month a year ago, when the annual rate of new home sales was 600,000.

Again, very unfortunate numbers for all of the jobs that are being lost in the new home sales industry and the countless supporting industries. On the bright side, this will, as we have said many times here before, help to reduce future housing inventory levels. The housing market is in disarray in large part due to the insane levels of inventory. Until this changes, the disarray will continue.