New-home Sales Rise Fastest in 47 Years
The South saw the biggest jump in new home sales, up 43.5%, while the Northeast region saw sales climb 35.7%.
Palm Coast, FL – April 23, 2010
By Chavon Sutton: CNN Money.com
[April 23, 2010] NEW YORK (CNNMoney.com) – New home sales improved in March at the fastest single-month rate in 47 years, according to a government report released Friday, as buyers snatched up properties ahead of the tax credit that’s set to expire.
New-home sales rose 26.9% to a seasonally adjusted annual rate of 411,000 last month, compared to an upwardly revised annual rate of 324,000 in February, the Census Bureau said. The gain snapped a four-month streak of declines.
A consensus of economists surveyed by Briefing.com expected March sales to rise to an annual rate of 330,000.
The March sales were the strongest since last July, and the percentage gain was the biggest on a month-over-month basis since a 31% gain in March 1963.
New-home sales spiked in every region of the United States. The South saw the biggest jump in new home sales, up 43.5%, while the Northeast region saw sales climb 35.7%. The West and Midwest regions both saw single-digit percentage growth, with the West up 6% and the Midwest up 4%.
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Just like getting on the subway before the door cl
With the tax incentive ending, the door closes soon and everyone expects interest rates to jump soon. That and spring fever, has sales up. It sure isn’t the thought that prices are going up, it’s cost that will go up, and prices down. Even the stock market is going up, as spring fever hits the cash rich investors, thinking things are getting better, as how could they be worse. Well, they can, and will, as the federal government is spending like it’s never done before, and the bill is coming in, which means big tax hikes and more unemployment. Watch for a drop in the stock market, as tax incentives end, and housing sales drop like a lead ball. Perhaps the housing incentives will be extended, as Obama has done before, once he realizes the problems ahead if he does not.
George is right
The real estate, personal consumer spending, credit (bad loans) and stock market are 4 of 6 al connected bubbles that popped and crashed in 08. The other two are the dollar and our national debt at $11T and counting. There is absolutely no way to pay it back, ever. We are currently printing money like toilet paper without any backing what so ever. The world is going to cancel our credit card here pretty soon…could be 18 months – 3 years, but when we get to $15T in debt, look for the Fed to start purchasing TBills virtually buying our own debt. That will be the sign to get liquid, buy Australian, Canadian dollars, gold and the euro to some extent, countries without huge debt, cause the foreigners will be pulling out of US assets like mad. These last two bubbles, the dollar and our national debt, will be the ones that take us down for sure, then the real recovery will begin but it will be long and hard. Baton down the hatches.