New Home Sales Post Second Straight Month of Gains
Mortgage News from Quicken Loans
Sales of new homes increased for the second straight month, rising by 4.8 percent over sales in November, according to a report issued today by the U.S. Census Bureau and the Department of Housing and Urban Development. The increase means December new home sales were at their highest level since April 2006.
Bob Walters, chief economist for Quicken Loans, says the increase is good news for a housing sector that had seen some set-backs earlier this week.
"Today's report of increased new home sales comes as a big relief to many, following a week of otherwise discouraging real estate news," said Walters. "This news is not likely to have any impact on next week's Fed meeting, but is important as it provides insight into the current housing market, which many believe is in the early stages of finding its footing."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
Find more mortgage related news! View all our mortgage news.
