Worse-than-expected December results end weakest year on record
New home sales unexpectedly fell 7.6 percent last month, capping the industry's weakest year on record.
The Commerce Department said December sales fell to a seasonally adjusted annual rate of 342,000 from an upwardly revised November pace of 370,000. Economists surveyed by Thomson Reuters had forecast a pace of 370,000 for December.
The results were the weakest since March and indicated demand remains sluggish despite newly expanded tax incentives to spur sales.
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4 comments:
home prices are still way over inflated. there price must fall back to true value. the value is not there.
We all bought into it in some degree or another. How did we not see it coming.
Only dummies bought 3 br 1 ba ranchers for 300,000. They get what they deserve. Let those prices fall so that new buyers have a chance at the market.
the BOE is helping out on the construction of new homes. they are awarding all builders a something like 5000 incentive(LOL) for building in wicomico county. isint that nice. if you decide to build in wicomico county you get to write them a check before you can even get a permit. even if you have lived here your whole life. nice way to boost construction.
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