New Home Sales Decline in June
Mortgage News from Quicken Loans
The U.S. Census Bureau and the Department of Housing and Urban Development announced today that sales of new, single-family homes in June, dipped 6.6 percent in comparison to May's numbers.
Bob Walters, chief economist of Quicken Loans, says this is another sign that the real estate market is still in a state of flux and looking to find its footing.
"With inventories remaining extremely high, and the market entering the infancy of its stabilization, it should not surprise anyone that new home sales are down," said Walters. "One positive piece of news for builders is that long-term interest rates remain near historic lows. This should help draw home buyers into the market in the coming months."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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