New Home Sales Plummeted in Feb...

New home sales plummeted in Feb., from the Arizona Republic, reports that national new-home sales took their worst drop in nearly a decade in February, and early indications are that it wasn't a good month for builders in metro Phoenix. New single-family home sales fell 10.5 percent in February. In the Valley, new-home numbers will be released this week. "Looking at the preliminary numbers, obviously February was a disappointment compared to last year and year-to-date," said RL Brown, publisher of the Phoenix Housing Market Letter, Builders are requesting fewer permits because they are trying to clear inventories or spec homes on which buyers didn't close, Brown said. "The bottom line is it is a market transition now," Brown said. The slowdown has put downward pressure on prices. Economist still believe that housing is likely to see a moderate slowdown this year rather than anything as severe as the bursting of a speculative bubble.



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