Thursday, February 24, 2011

New home sales drop 12.6% in January

This is a report of January.  You have some interesting dynamics here, since mortgages this week have started to trend down after increasing for several weeks.  It might spark some purchases.
The Commerce Department said sales tumbled 12.6 percent to a seasonally adjusted 284,000 unit annual rate after a downwardly revised 325,000-unit pace in December.
Economists polled by Reuters had forecast new home sales sliding to a 310,000-unit pace last month from a previously reported 330,000 unit rate.
Compared to January last year sales were down 18.6 percent. Sales surged in December as buyers in California rushed to take advantage of the tax credit for new homes. Sales in the West plunged 36.5 percent after spiking 62.5 percent the prior month.
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