New Home Sales Dip in Latest Report
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 May dipped 1.6 percent compared to April, when sales experienced their largest jump in 14 years.
Bob Walters, chief economist of the nation's largest online lender, Quicken Loans, says this is another example of the housing market pursuing stabilization.
"I am not surprised to see new home sales dip, since April was the largest single-month increase in more than 14 years," said Walters. "Constant up and down fluctuations are to be expected while the market continues to find its footing. One factor that can help push home sales one way or the other is Thursday's Fed announcement. Should the Fed lower rates, or show a bullish outlook in its statement, I would expect to see renewed interest in new home purchases."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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