New Home Sales Drop – Causes Stock Market Tumble
Home sales figures from the Commerce Department showed that sales of new homes fell 6.6 percent last month to a seasonally adjusted annual rate of 834,000 units, more than triple what had been expected and the largest percentage drop since sales fell by 12.7 percent in January. This news caused the stock market to tumble 311 points! [tags]home sales,real estate bubble,housing bubble,housing bust[/tags] condominiums downtown San Diego real estate agents San Diego
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Well, I guess people will now finally realize how bad the San Diego real estate market really is!
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The really bad part of this news is that we still have a long way to go before San Diego housing values level out. San Diego Lasik
In my building in San Diego’s Little Italy, for every condo that sold in 2006, two or three expired unsold! San Diego downtown condos
While headlines blare the bad news of a slumping real estate market, the service industries that feed on real estate are struggling as well. Title companies, lenders, pool contractors, pest inspection — if homes aren’t being built, if they aren’t selling, and if homeowners have reduced disposable income in their pockets, the ripple effects can be tremendous. Many areas of New Jersey are also in a big value drop.
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