Take that Chowderhrad and the realtors who give sellers false hope -Prolonging the “Pain”-
New home prices were down 13% in October, yet sales pace still falls well short of forecasts. August and September sales reading cut.
New home prices posted their biggest drop in 37 years in October, according to a government report.
NEW YORK (CNNMoney.com) — The biggest plunge in new home prices in 37 years was not enough to revive October sales, according to the government’s latest reading on the battered housing and home building markets.
The sales pace for October was well short of economists’ forecasts. The Census Bureau’s latest report also sharply cut back on its earlier estimates for sales in August and September, when a meltdown in mortgage markets kept many potential buyers from getting the financing they needed.
Also depressing sales and prices was a record 191,000 completed
