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Economic Research

New Home Sales Plunge in January

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12:33:00 PM | Last Updated

EXECUTIVE SUMMARY

  • New single-family home sales have weakened steadily since H2 2009, and in January 2010, new single-family home sales reached a record low, down 77.7% from the peak of July 2005. Meanwhile, purchase mortgage applications have collapsed to levels last seen in 1997.
  • Weak demand-side fundamentals, the gradual removal of government support and the threat of increased competition from foreclosures remain key risks to new home sales in 2010.
  • The numbers suggest that demand for new homes is far from a path of gradual growth, consistent with RGE's prediction of a slow[...]

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