The market for new homes has been hit harder in this decline than in any previous bad housing market since World War II, the New York Times’ Floyd Norris writes. Home builders have not cut their prices enough to keep up with the sliding market, and it’s possible that some homes built during the housing boom will never sell, Norris argues. This year, sales of new homes seem to have stabilized at about half the rate of new home sales in 1976.
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