Sales of new homes in the city of Sao Paulo fell 14.3% in July compared to the same month last year, said the union representing the real estate sector in São Paulo-SP Secovi, on Monday (19). In the first seven months of the year, accumulated sales drop 28.6% over the same period in 2010, totaling 14,402 units. The sales turnover rate, measured by the ratio of sales-to-offer (“VSO”) was 16.9% in July, below the average calculated in the past year, 23.2%.

I guess the bubble is popping…

Source: Globo

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