New Home Sales Plunge to Record Low

February 24, 2010

January 2010 has the distinction of posting the lowest amount rate of new construction  ever sold in a single month since the Census Bureau began keeping the statistics in 1963.  Declining since November and December of 2009, January dropped another 6.1%.

Continued pressure from foreclosures and short sales pushing prices down, new construction is an unlikely prospect for home buyers.  While existing home values continue to lure the few courageous purchasers out into the market, home builders and developers continue to struggle in a depressed housing market.

The biggest challenge for the housing market will be the spring of 2010 and to see if any momentum can be sustained when the federal first-time home buyers tax credit expires at the end of May.

Categories: Economy

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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