Sales of new homes in the city of Sao Paulo in 2011 was the lowest in five years, said news site Folha.

According to Secovi-SP, 31,000 units were sold, the lowest volume since 2006, when 28,300 properties were negotiated (see chart below). The survey looked at properties with up to three years old.
The question is: is the real estate bubble deflating or this is just a bump in the road?

Source: Folha

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