Do you hear that sound of rushing air? It is the housing bubble which is now finally bursting. The median sale price for new homes dropped 9.7% in September, the largest recorded drop in the history of record keeping. Also setting a new record was the number of completed new homes available which rose to 157,000.
In a surprising move, housing sales increased 5.3% from August, but I guess if the builder is willing to knock 10% off the cost of the house, pay your closing costs, and throw in a free pool people are still willing to buy.
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