New-Homes Sales Hit 12-Year Low -

"Year-to-year, new-home sales were 41% lower than the level in December 2006.

'There is no sign of a bottom in any of these data,' said Ian Shepherdson, chief U.S. economist for High Frequency Economics. 'We think the downside for activity and prices remains considerable.'"

The last time I heard a similar phrase was from an investment banker talking to the Viant employee's just before going public during the first boom.