There's A Very Good Reason Why The New Home Sales Data Plunged In November

By
Mortgage and Lending with Chris Brown | Certified Mortgage Planners NMLS 303797

 

One day after November's Existing Home Sales report blew away estimates, the Census Bureau's related New Homes Sales report failed to impress.

A "new home" is a home that is newly-constructed; not bought as a resale.

In a lackluster showing, New Home Sales dropped 11 percent in November, falling to the lowest levels since April. Furthermore, the all-important "months of supply" climbed by a half-month to 7.9.

The press pounced on the figures and if you only read the headlines, you'd think that housing had cratered.  Some of the angles were quite bold, even:

  • Weak U.S. Home Sales Show Recovery's Shakiness (Reuters)
  • New Home Sales Plunge In November (CNNMoney.com)
  • Housing Forecast : Off Life Support, Still In Critical Care (CBS News)

These headlines, although technically accurate, only tell half the story, however. The other half relates to..........

Read the COMPLETE BLOG POST HERE:

There's A Very Good Reason Why The New Home Sales Data Plunged In November

 

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Chris is Florida's #1 FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the three leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks, the newest contributor to Lenderama and recently featured on Fox35 News.

Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Chris Brown 12/24/2009 02:28 AM
Location:
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Rainmaker
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Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

I thought the same thing.  The dip was caused because everyone thought the tax credit was going to expire.

Dec 24, 2009 12:07 AM #1
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Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner

Chris Brown 407.367.2974
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