New home prices plunge 18%, surpassing 2008 depths, while defaults reach 2013 highs.

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In a harrowing turn, new home prices have plummeted by a staggering 18%, marking the most significant annual decline on record, surpassing even the depths of the 2008 financial crisis. The grim reality intensifies as builders face a crisis, with mortgage demand hitting its lowest since 1994, and housing defaults soaring to levels not seen since 2013. The average selling price is down almost $90,000 from last year, raising a critical question: How can this precarious situation end well? The housing market is in crisis mode, and caution is warranted.

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