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Tue Feb 26, 2013, 10:23 AM

New-Home Sales in U.S. Surge to Highest Level Since 2008

Source: Bloomberg

By Shobhana Chandra - Feb 26, 2013
Purchases of new homes in the U.S. jumped in January to the highest level since July 2008, showing the industry will keep adding to growth in the economy.

Sales surged 15.6 percent to a 437,000 annual pace, exceeding the highest forecast in a Bloomberg survey and following a 378,000 rate in the prior month, figures from the Commerce Department showed today in Washington. The median estimate of 72 economists surveyed called for a 380,000 rate. The monthly gain was the biggest since 1993.

Demand picked up in all four regions as buyers took advantage of mortgage rates near a record lows, helping to boost the outlook for companies from PulteGroup Inc. (PHM) to Mohawk Industries (MHK) Inc. A stronger job market and less competition from foreclosures would ensure a more pronounced rebound in the market that’s become a source of strength for the expansion.

“We expect the improvement in the new-home market will continue this year,” Michelle Meyer, a senior U.S. economist at Bank of America Corp. in New York, said before the report. Meyer was the best forecaster for new-home sales over the past two years, according to data compiled by Bloomberg.

Read more: http://www.bloomberg.com/news/2013-02-26/new-home-sales-in-u-s-surge-in-january-to-highest-since-2008.html

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Reply New-Home Sales in U.S. Surge to Highest Level Since 2008 (Original post)
Purveyor Feb 2013 OP
Veri1138 Feb 2013 #1
dmallind Feb 2013 #2
Tarheel_Dem Feb 2013 #3
Tarheel_Dem Feb 2013 #4
cthulu2016 Feb 2013 #5

Response to Purveyor (Original post)

Tue Feb 26, 2013, 04:43 PM

1. Banks buying homes and selling to investors and Chinese politicians fleeing China for the US...

 

to hide their billions, is not a housing recovery. When the average person can find that they can afford a home... and then start buying. That will be a housing recovery.

Everything else is smoke and mirrors. Someone seems to be blowing a lot of smoke up people's...

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Response to Veri1138 (Reply #1)

Tue Feb 26, 2013, 05:15 PM

2. **NEW** home sales - not banks buying up bargains. nt

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Response to Veri1138 (Reply #1)

Wed Feb 27, 2013, 01:07 AM

4. Would you happen to have a link to a "credible" source for your information?

Or are you "blowing a little smoke" of your own?

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Response to Purveyor (Original post)

Wed Feb 27, 2013, 02:10 AM

5. Pent up demand for *new* homes

Some people really a *new* home. It's crazy... there's nothing wrong with "used" homes... but that is what it is.

The housing collapse put the kibosh on new home construction for a while and the supply of new homes got tight while the supply of existing homes on the market expanded.

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