New home sales in downward spiral as stimulus measures wears off

New home sales fell for the 2nd month in Australia as the effects of the unprecedented financial stimulus wears off. The Housing Industry Association reported today sales of new homes fell 6.9 percent in October, following a fall of 4.3 percent in the month previous.

» New home sales retreat: HIA – Sydney Morning Herald, 30th November 2009.

» New home sales fall 6pc in October in second consecutive decline – The Australian, 30th November 2009.