Aug 28, 2010
I think its time we seal the border between Canada and the United States to ensure we don’t catch whatever plague is crippling their housing industry.
All jokes aside, the battered American housing market has just received more bad news; sales of new homes fell to a 37-year low in July, a 12.4 percent drop from June. The US Commerce Department reported that a seasonally adjusted 276,000 new homes were sold during the month, the lowest level since the department started keeping records in 1963.
Unfortunately, existing-home sales in America fared no better. AOL’s HousingWatch writes, “Depressing doesn’t quite capture the spirit of (July’s) existing-home sales report.”
According to the National Association of Realtors‘ lastest figures, existing-home sales dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009.
Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995.
I think the only question to ask at this point is How Low Can You Go…