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No bottom yet for California’s new-home market

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Sales of new California homes slide 44% The pace of home sales at California new-home communities continued to remain slow in April, but year-over-year sales declines shrunk slightly for another consecutive month, the California Building Industry Association reported today. The monthly CBIA/Hanley Wood Market Intelligence report showed that new-home sales in April were 44 percent below April 2007. While a significant decline, the drop is an improvement from the year-over-year decline of nearly 49 percent in March. Jonathan Dienhart, director of published research for HWMI, notes the trend in year-over-year sales percentages is positive, but is very gradual. "The fact that year-over-year declines are shrinking is a good sign," Dienhart said. "But unfortunately it is occurring very gradually, meaning it's going to be a slow process for the market to finally hit bottom and start to turn around." N.J. cites anti-racketeering law in mortgage fraud suits ...