New Home Sales at Lowest Levels
9 March 2008
New home sales are at their lowest points in 13 years and the economic slowdown has further affected the usually booming new house market. Mortgage lenders are expected to come up with more than 20 billion dollars in funds to cover losses. The effects would be long lasting as analysts expect the shake down market not to recover till 2009. Prices continued to fall from January of last year by as much as 11%. The problems in the housing market just keeps on getting worse which may have prompted the move by the American President to publicly say and admit the financial market needs a complete shakedown and overhaul to prevent this from ever happening again. Lenders are very much stricter with respect to home loans as well as banks and other financial institutions that were hit hard by the problems in the housing market.
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