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Housing's Double Dip

By Implode-Explode Heavy Industries

"The housing market is now in full retreat. This week, the Commerce Department reported that sales of new homes plunged nearly 17 percent in February to a 250,000 annual pace. That's a record low. At the same time, the median price fell 8.9 percent from February of last year. The news comes on the heels of Monday's equally-dismal report that showed existing home sales dropped 9.6 percent in February. These are Depression era stats and builders know it which is why they're unloading homes as cheaply as possible. "

Full post as published by Mortgage Lender Implode-o-Meter on March 25, 2011 (boomark / email).