Thursday, January 27, 2011

New US Home Sales Surge in December

According to new data from the commerce department, home sales in the US jumped by 17.5% last month. This number shattered expectations of the modest 3.5% increase that many economists had expected. Hooray for more signs of recovery, now let’s keep it going!

From Yahoo! News:

    The Commerce Department said sales jumped 17.5 percent to a seasonally adjusted 329,000 unit annual rate after a downwardly revised 280,000-unit pace in November.

    Economists polled by Reuters had forecast new home sales rising to a 300,000-unit pace in December from a previously reported 290,000 unit rate.

    Compared to December last year, sales were down 7.6 percent. Overall 2010 sales dropped 14.4 percent to a record 321,000-unit rate.

    Data last week showed a surge in sales of previously owned home in December, but progress could be frustrated by a glut of homes from an unrelenting wave of foreclosures. The housing market has remained on the margins even as the broader economy shows signs of gaining strength and broadening out.

Read More at Yahoo! News

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