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Bad news for new home construction today

Over the last 50 years, only one other single month fared as badly as February did for new home starts.  The seasonally adjusted number of 479,000 was a 22.5% fall from last month.  The total was only higher than April of '09.
Again, these numbers represent the backlog of distressed properties on the market and the unwillingness of new buyers to enter the market for fear of further pricing declines.
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