New Homes: Record Low Sales, All-Time High Inventory - DEC '08

The Census Bureau report for December 2008 will come as no surprise to market watchers in this area. Several builders in the Charlottesville / Albemarle area have recently faced mass foreclosures and the massive Biscuit Run Development is on hold due to the state of the economy.December new home sales were at a seasonally adjusted rate of 331,000. This is the lowest since the Census Bureau