A few clicks later — and courtesy of Asha G. Bangalore, we learn that sales of new single-family homes are down 47.6% from their peak in July 2005.
To contextualize this, if the current path continues into 2008, Centex
CEO Timothy Eller said to Bloomberg, "This looks like it’s going to be the deepest correction
of any housing correction since World War II."
Existing Home Sales – Sales and Prices Are Down, Inventories Keep Climbing Up
Asha G. Bangalore,
Northern Trust, November 28, 2007
Housing Slump’s Third Year Will Be `Deepest’ Since World War II
Dan Levy and Brian Louis
Bloomberg, Nov. 30 2007