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2007 May Have Been Worst Housing Period in Almost 50 Years
Published: January 28, 2008
Washington, D.C.--Figures released Monday by the Commerce Department indicate 2007 may have been the housing industry's worst year in nearly half a century, the New York Times says.
New home sales dropped by 26 percent in 2007--the sharpest decline since recordkeeping began in 1963.
In December alone, new home sales fell 4.7 percent to a 604,000 annual rate. The December sales rate is the lowest since 1995.
As buyers wait for bigger bargains and homebuilders just wait, demand has greatly declined; even buyer incentives have failed to ignite the market, which saw its housing supply increase to 9.6 months in December.
New home sales were lower in most regions--especially in the South and West.
The Commerce Department also revised its new home sale tally for November, dropping the amount from an original estimate of 647,000 to a 634,000 annual pace.
