In The News
New Home Sales Drop 14.7% in Latest Report
January 31, 2009 by Mortgage Align · Leave a Comment
The U.S. Census Bureau and the Department of Housing and Urban Development announced today that sales of new, single-family homes in December fell more than 14 percent compared to November’s numbers. The report also showed there is currently a 12.9 month inventory of unsold homes on the market.
Bob Walters, chief economist of the nation’s largest online lender, Quicken Loans, says the report is a disappointment given some of the other factors working in housing’s favor.
“Today’s new home sales report is disappointing given the positive and somewhat surprising existing home sales report from earlier this week,” Walters said. “However, conditions remain favorable for home sales, thanks in large part to falling home prices and mortgage interest rates that continue to hold near historic lows.”
