Sales of newly built single-family homes fell 14.7 percent in December, the largest monthly decline since 1994, data showed on Thursday, indicating the housing market’s downward spiral was far from reaching a bottom.

The Commerce Department said sales tumbled to a 331,000 annual pace, the lowest since it started keeping records in 1963. November’s sales were sharply revised down to 388,000 annual rate, which was previously reported as 407,000.

Well duh, didn’t we all know that new home sales were going to keep falling? If people don’t have money, they can’t buy. If banks won’t lend money, they can’t buy. If politicians in Washington keep sending bailouts and offering stimulus, someone has to pay for that, until they have no money, and can’t buy. I know, it’s a vicious circle. Time for it to stop.

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