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Sales of new homes fell by 26 percent in 2007, the biggest drop since 1963, when record-keeping began, the U.S. Department of Commerce reported last month.
2007 was also the worst year for housing starts in 16 years and, perhaps, since the Great Depression. In December 2007, housing starts were 1.006 million units, compared with 996,000 units built in 1991, Commerce Department officials report. December 2007 was itself a terrible month for housing starts: They were down 14.2 percent from November, when starts were at 1.173 million units.
