US New Home Sales Drop to Record Low

February 25, 2010 /EIN PRESSWIRE/ The US Commerce Department painted a gloomy picture for the country’s housing industry as it announced that new home sales had reached a record low.

In January, new home sales dropped 11.2%, which caught most analysts off-guard as they predicted a 5% increase. The 16% gap between what was predicted and what is reality is a grim overture for an industry that has seen sales fall for three months despite government financial support.

The Northeast was especially hit hard as sales plummeted 35%. Is there a double-dip housing recession on the horizon or is this step back just a momentary stumble?

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