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USA New Home Sales Nov 2011
Peekskill Real Estate - Mount Kisco Real Estate - Brewster Real Estate - Purdy's Real Estate - Bedford Village Real Estate
New home sales rose in November from October, but 2011 will likely end up as the worst year for sales in history.
Though new-home sales represent less than 10% of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to the National Association of Home Builders.
Home prices have tumbled, the job market remains weak and unemployment is still high at 8.6%. Some people who want to buy can't qualify for a loan or make the higher down payments that banks are demanding.
Sales are slumping even though mortgage rates have fallen to record lows. This week, the average rate on a 30-year fixed home loan dropped to 3.91%, lowest rate ever, mortgage buyer Freddie Mac said Thursday.
In selling new homes, builders must compete with foreclosures and short sales — when lenders accept less for a house than what is owed on the mortgage.
Yet sales of previously owned homes are also dismal. They rose slightly last month to a seasonally adjusted annual rate of 4.42 million units, the National Association of Realtors said this week.
That's below the 6 million that economists say is consistent with sales in a healthy market and barely ahead of 2008's revised totals, which were the worst in 13 years.
Mexico Travel December 24, 2011 07:32 AM | El turismo mexicano