According to a report that was released this past Monday by HUD (U.S. Department of Housing and Urban Development), the sales of newly built single-family homes rose in June by 11%; this translates to an annualized rate of 384,000 homes.
Peter Morici, an economics professor at the University of Maryland, said "That is really good news, with all the foreclosure activity sending down home prices, for new homes to jump like that is a good indicator that the economy is bottoming out."
A housing industry analyst for IHS Global Insight, Pat Newport, also commented about the report. "The tax credit is boosting demand, but what will happen when it goes away in December?" he asked. Excess inventory still exists in some key markets, such as:
- California
- Florida
- Las Vegas
- Arizona
Even with business getting better, the time for getting deals is going away fast.
Read the full news article on CNNMoney.
Terry Iwaniw
REALTOR Associate
R & I Realty, LLC
Off: 856-795-3111 x263
Cell: 609-417-1086
http://www.snewjerseyhomes.com/
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Thanks for sharing your information with me tonight. I love local information to stay more informative around the country.
It is no surprise that those areas still have issues. I had a client move from Florida to NJ, and went to move back to her same neighborhood 8 months later, AND COULDN"T AFFORD IT. Those homes were doubling in value each year.