Median sales price for new single-family homes dropped 3.1% from October and is down almost 18% from a year ago. Meanwhile the number of new houses sold continue to drop while inventory rises.

Analyst Comment: Real estate has a lot more bleeding to do before the bubble fully deflates. The bigger question is how much of banking will it take with it, and how much damage will the fed and the gov let happen before turning the money printers back on?