February 25, 2008 (LPAC)-- Financial media are reporting that the figures just released by the National Association of Realtors claim that sales of existing homes (and condos) fell a trifling 0.4% in January, 2008, compared to the previous month, December of 2007. However, compared to January, 2007, sales however, are down a significant 23.4%. In fact, according to MarketWatch, it's the "lowest sales pace since [the NAR] began tracking combined sales in 1999." In addition, the inventory of unsold homes rose 18.4% (year on year), and median price again fell, 4.6% to $201,000.

Also feeling the pain, is number two home improvement retailer Lowe's, who reported a significant 33% drop in fourth-quarter profit. Competitor Home Depot is expected to post similar losses later in the week. Lowe's CEO Walter Todd, in an interview with Bloomberg News, said he was tired of giving "overly optimistic" projections of revenue, only to be disappointed three months down the line. Realistically, he said, revenue may further decline 5% to 6% in the year through January 2009.