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New Home Sales Are Down

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Real Estate Agent with Roudebush Realty,Inc.

New Home Sales Are Down

This is the kind of news that is exactly what I knew was coming. Now that the government is out and the credit is ended, maybe just maybe we might be able to bottom out and start to rebuild.

This is the slowest sales pace since the Commerce Department began tracking data in 1963. The prior record was set in September 1981, when new homes sold at an annual rate of 338,000.

A consensus of economists surveyed by Briefing.com had expected May sales to slide to an annual rate of 430,000.

Home sales had surged in March and April as homebuyers scrambled to sign contracts ahead of the April 30 deadline for the tax credit. First-time homebuyers qualified for a tax credit up to $8,000, while repeat buyers could get as much as a $6,500 break. via CNN Money

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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Beth:  After the April deadline ... I believe it was only natural that May's sales were down.  With the scramble to get loans closed by the end of this month, I wonder if we won't see the same thing again for June ... only because everyone is focused on getting as many of their loans closed as humanly possible.  This certainly doesn't allow for much focus on new business .. the government's denial of an extension saw to that.  Time will tell if you are right about "bottoming-out".  Hopefully better times are right around the bend ...

Gene

Jun 28, 2010 10:55 AM
Beth Brace
Roudebush Realty,Inc. - Hinsdale, IL
Hinsdale, Oak Brook, La Grange, Homes

It will be onteresting to watch and see, but there are no new construction permits going out and that we will have to keep watch over.

Jun 29, 2010 02:56 AM