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05/03/2011

New-home Sales Slowest In Nearly 50 Years

Americans are on track to buy fewer new homes than in any year since the government began keeping data almost a half-century ago. Sales are now about half the pace of 1963 when 560,000 were sold, even though there are 120 million more people in the U.S. now.

Last year 323,000 new homes were sold � the worst year on record and the fifth straight year of declines. A healthy pace for today�s population of 310 million, according to economists, is about 700,000 a year.



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