China’s 2008 moment is happening: New home prices in 70 Chinese cities fell -0.4% MoM in January. Year-over-year, prices fell -3.1%, marking the steepest annual decline in 7 months. Of the 70 cities surveyed, 62 posted price declines, up from 58 in December. Home prices in China have now fallen in 43 of the last 46 months, the worst streak on record. In the resale market, prices plunged -7.6% YoY in tier-one cities and over -6.0% in smaller cities. Meanwhile, primary property sales are set to fall another -10% to -14% in 2026 as massive oversupply continues to weigh on prices. China's housing downturn is now approaching its 6th year with no bottom in sight.