Contact Us

50 Year Low for New Home Sales

New Home Sales Hit A Record High
David McNew/Getty Images

Five short years ago new home sales were at an all time high.  No More. The effects of the collapse of the housing bubble four years ago are continuing to be felt, with Americans on track to buy fewer new homes in 2011 than in any year since the government began keeping track nearly a half-century ago. The Commerce Department said Wednesday (May 23rd) that sales of new homes fell in February to an annual rate of 250,000 for the third straight monthly drop, on a pace far below what economists consider a healthy rate of about 700,000 a year. Last year, 323,000 new homes were sold, making it the worst year on record and marking the fifth straight year of declines. The high rate of foreclosures is forcing prices down for previously occupied homes even faster than they’re falling for new ones, making buyers less likely to purchase a new home. New homes have accounted for just five percent of all home sales so far this year, down from the typical rate of closer to 15 percent.

More from newstalkkit.com

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://newstalkkit.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on News Talk KIT quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Register on News Talk KIT quickly by logging in with your Facebook account. It's just as secure, and no password to remember!