Sales of new homes fell by 7.6 percent in December – a somewhat unexpected result in a year that proved to be the worst on record. December’s sales fell to a seasonally adjusted annual rate of 342,000 from an upwardly revised November pace of 370,000.
While some are predicting a recovery this year in the housing sector, others feel that the “shadow inventory” – that is, the large number of repossessed properties held by the banks and expected to find their way to the market this year – will quickly overwhelm demand, leading to a pullback in house prices.
Source: NY Times
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