In the latest new home sales report, home sales in March plunged to the lowest level since October 1991. New home sales dipped once again last month, dropping by 8.5% to 526,000 units annualized.

Every region in the country was down, and, according to Stephen Stanley from RBS Greenwich Capital, "there is no way of parsing the data to come to an upbeat conclusion. I would argue that the balance of power in the real estate market has moved back to the existing side."

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