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The finding that the number of new homes sold in June was 11% higher than the month before seemed to be positive news that the economy is rebounding--until it was compared with June 2008, revealing a deterioration of 21%. "Those June numbers are bouncing off the basement floor," was how ABC's Chris Bury put it. In that year the median price of a new home has fallen to $206K from $234K, enticing some buyers, along with a federal subsidy if $8,000 for those buying their first home. CBS' Ben Tracy added that sales are still not improving in southern states and "now it takes nearly a year to sell a new house, an all time record."
Andrew Tyndall 7/28/09 8:08:24 pm

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