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Why new home prices are plummeting

According to a new report, Manhattan high-end real estate showed new signs of cooling during the second quarter, with secondary prices sliding and units staying on the market longer. Meanwhile, sales of new homes across the country missed estimates in May, falling to a five-month low despite lower mortgage rates. Frederick Peters, CEO of Warburg Realty in New York, sits down with Yahoo Finance's Dan Roberts, Melody Hahm and Myles Udland and explains what's going on.