New-Home Sales Tumbled 9% in November from October

New home sales and New home permits dropping is a good thing. Buyers are finding better deals on the resale market. We are looking for the bottom in permits and then to see the New Home sales begin to pick up. So far this holiday season we have not seen the dramatic drop in resale home inventory. Last year inventory levels dropped around 15% from their peak in September to the first of the year. This year inventory levels have only dropped about 5%, but the year is not over yet.

In the ..."West, however, sales rose 4 percent. "

By JEANNINE AVERSA,
Associated Press
Posted: 2007-12-28 13:43:36
WASHINGTON (AP) - The housing market plunged deeper into despair last month, with sales of new homes plummeting to their lowest level in more than 12 years. The slump worsened even more than most analysts expected, heightening fears that the country might be thrust into a recession.
http://money.aol.com/news/articles/_a/home-sales-plunge-feed-recession-fears/n20071228134309990011