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U.S. Housing Market Continues to Collapse

New home sales dropped a record 33 percent in May.  That brings them down to a record low of 300,000 units at an annual rate. This breaks the former all-time low of 341,000 set back in April of 2009, right in the middle of a recession.

The only other time when new home sales made a new low 11 months after the end of a recession was during the early 1980’s.

According to Market Oracle:

“The inventory backlog, which had taken a dive in April as the tax credits were about to expire, soared from 5.8 months to an 11-month high of 8.5 months. And, this excess supply is exerting more downward pressure on pricing ... Home prices have not been this low since December 2003 and are light years away from the $257,000 peak established in mid-2006.”

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