New housing is getting monkey punched.

I was not surprised by the rate cut today. I've been saying for a little while that housing was saying that everyone was lying.

But todays stroll through the MLS was pukeworthy.

There is a new development in my city. It's about a year old now. There are a few units for sale. A couple have been on the market for 223 days. Another has been on the market for 263 days. They were listed for about 50 grand higher when they first went on the market. Brand new construction!

It sort of looks like new construction is going no bid. But don't hold me to that. But there are starting to be a lot of new houses that have been on the market for a REALLY long time now.

I always hesitate to extrapolate my city to everywhere else. But this is really what I've been seeing in other States too. I don't know the exact numbers because I don't track them as closely as my area, but.....it doesn't look good.