SALES OF NEW HOMES PLUMMET

Sales of new homes in Sacramento area fall 40 percent.

Thus reads the headline over a front page story in yesterday’s Business Section of the Sacramento Bee, the daily chronicler of the economic and social activities in what had, up until several weeks ago, been one of the hottest real estate markets in the country.

As reported by Andrew LePage, a Bee Staff Writer:

Sales of new homes in the Sacramento region dropped 40 percent over the past three months compared with the same period last year, according to the local Building Industry Association.

It's the sharpest decline the group has seen for the August-October period since 1989-1990, when sales plunged nearly twice as much - 79 percent.

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