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As something related to the Feb sales numbers I posted for my neighborhood yesterday (Link). There was a report that came out that said new home sales dropped by 3.9% last month, which was the slowest pace in almost 7 years!

This was extra bad because the January numbers dropped 15.8%. Wow. I?? just glad that I have not bought a house yet. Below is a chart that shows the different regional number breakdown.

2007 Feb - New Home Sales by Region

Northeast       Midwest       South      West41k               124k            450k         233k-26.8%          -20.0%        -7.0%      +24.6%

There are actually people protesting around my neighborhood because the prices their house is being offered by the new builder is 10% less than when they bought it 11 months ago. I?? not sure what my exact feelings are for the protesters because half of them are probably speculators that drove the housing market up so high that legitimate buyers like me can?? afford a decent house in the first place!

I wonder how much further the housing market will fall and how much of an effect the recent change in lending standards will affect the market as a whole.

Let me know your thoughts!