Home Sales Up, Long-Term Rates Low
Mortgage News from Quicken Loans
Sales of new one-family houses in May rose 4.6 percent above the previous month's rate, according to a report the U.S. Census Bureau and the Department of Housing and Urban Development released jointly today. May new home sales, however, were 5.9 percent below May 2005 estimates.
"New home sales are still performing quite well from a historic viewpoint," said Bob Walters, chief economist of Quicken Loans. "Supported by low long-term interest rates and a strong economy, housing is leveling off and maintaining strong levels on a solid foundation. May housing starts soared 5.0 percent from the prior month, a much stronger increase than expected by both builders and economists. That growth further illustrates the strength of housing in 2006."
This article is reprinted by permission from Quicken Loans © 2006 Quicken Loans Inc. All rights reserved.
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