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New Home Sales Drop. Dramatically.

Big real estate news broke this afternoon: In January, new homes sales plunged 16.6 percent, the biggest dip in 13 years. The West saw the most dramatic plunge: 37.4 percent. David Seiders, chief economist for the National Association of Home Builders, tells CNN strong sales in November and December, when there was unseasonably warm weather, might have impacted January's numbers.

"But he also conceded that the report showed continued and widespread weakness, despite hopes late last year that the market could be stabilizing," reports the news site.

Given the new housing boom here in California, look for plenty of local news coverage tied to this report to come out tomorrow.
· New home sales plunge as glut hits prices [CNN]
· New-Home Sales Bulldozed [The Street]
· New-Homes Sales Plunge [Dow Jones]