New home sales drop.

[flippinout]

As you have read in my previous post, existing home sales have dropped by 27.2%. Now word has it that new home sales have also dropped by 12.4% which is the lowest since 1963.

It is said that potential buyers are planning on waiting 3 to 6 months before buying thinking that the price of new homes will drop, and they are probably right.

Given the stagnation of our economy right now, the lack of jobs, plus no one knows for sure if they will have their current jobs, people just arent willing to make a big jump into buying a home, either existing or new.