The U.S. Census Bureau and the Department of Housing and Urban Development announced today that sales of new, single-family homes in October increased 1.7 percent compared to September’s numbers.
Bob Walters, Chief Economist at Quicken Loans, one of the nation's largest lenders, says the increase is good news for builders who have seen some challenges in the housing market recently.
"This is good news for builders who are struggling with a depressed housing market," says Walters. "The builder’s pain is a new home buyer’s gain. Prices of new homes are at their most attractive levels in years. Still, especially on the heels of Tuesday's poor existing home sales report, these cross-currents are a reminder that the real estate market is still in a state of flux and has a ways to go before it will find solid footing." Link...
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