Overnight we saw the data released showing prices of new homes in the US fall 9.7% yoy to September. This is believed to be the fastest falls for 36 years. New home sales are now down 14.2% for the year with inventories up 14.4% over the same period.
» New-home prices plunge 9.7%, fastest drop in 36 years – Market Watch, October 26th, 2006.
» U.S. new-home prices plunging at fastest pace in 36 years – Market Watch, October 26th, 2006.