Sales of New Homes in U.S. Rose More Than Forecast |
Bloomberg - Jan 26, 2011 |
Purchases of new houses in the U.S. rose more than forecast in December as the industry struggled to stabilize following its worst year on record.
Sales climbed 18 percent to a 329,000 annual pace, figures from the Commerce Department showed today in Washington. The median estimate of economists in a Bloomberg News survey called for a rise to 300,000. The percentage jump was the biggest since 1992, and was led by a record 72 percent surge in the West.
The gain follows data on existing home purchases for December that showed buyers are returning to the market after a mid-2010 slump to take advantage of low mortgage rates and reduced prices. Even so, mounting foreclosures and unemployment above 9 percent help explain why Federal Reserve policy makers today are expected to press ahead with a $600 billion stimulus.
Read Full Article from Bloomberg
- Posted: 2011-01-26 11:01:50
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