Fitch sees more drastic cuts in new-home sales, starts

Excess supply, buyer psychology and tightened underwriting standards in subprime and Alt-A mortgage lending have analysts at Fitch Ratings more pessimistic about the prospects for new-home construction and sales in 2007.

In their latest "Chalk Line" quarterly report on new-home construction and the home-building industry, Fitch analysts forecast new-home sales in 2007 will fall 15 percent, to 902,000. Fitch had previously forecast an 11.5 percent decrease.

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