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REUTERS - A French Government memo out today reports a drop of 28% in the sale of new houses in france for the first quarter.

The stock of new properties for sale in france is at an all time high according to the french Ministry for Ecology and Energy.

Just over 26,700 news builds were sold in France in the first quarter, 27.9% less that the same period in 2007.

From the second quarter 2007 to the first in 2008 the number of new houses sold was slightly more than 117,000, a drop of 10.3% on the same period a year before.