Posted To: MND NewsWire

A lot of expectations and optimism were probably dashed by the December report on new home sales from the Census Bureau and Department of Housing and Urban Development. Analysts were expecting sales to build on the November seasonally adjusted annual estimate of 719,000 units which was an increase of 1.3 percent from October. Indeed, every prediction from those polled by Econoday was at that level or higher, with a consensus of 728,000 units. Instead, not only did the number fail to reach the bottom of that range, but November’s number was revised down substantially. Seasonally adjusted sales during the month were estimated at an annual rate of 694,000 units, a 0.4 percent decline from the new November estimate of 697,000 sales. New home sales activity is still, however, much stronger on an…(read more)

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Source: Mortgage News Daily