New home sales were released for the month of September last week, and in one word they were, abysmal. According to the HUD and the Census Bureau, sales of newly constructed homes dropped 10.9% and were down 17.6% from a year ago. Existing home sales were even worse, dropping -24%. This was the eighth straight monthly decline this year, making it the longest decline since 2007. The number of new home listings fell by 22%. Click here for more!
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