The State of the Housing Market

Things are getting worse:

Today's Census Bureau report on the number of new homes sold in August provides our first clear data for the impact on the housing market of the financial turmoil that began August 9. It is not a pretty sight.

In a typical year, most new home sales occur between March and August. In each of those months we usually might expect 35% more homes to be sold than at the seasonal low in December. This August, home sales were actually less than in December, the first time that's happened in the 44 years these numbers are available.

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