The raucous party is close to over in the once red-hot housing market, as several home builders reported a huge drop in their most recent quarterly sales reports.
Shares of several major U.S. home builders fell this week after the National Association of Realtors said sales of existing U.S. homes, often seen as a precursor to new home sales, fell by 4.1 percent in July from June to their lowest level since January 2004.
The decline in the housing market seems to be regional in
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