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New Home Sales Hit 12-Month High
October 1st, 2009 2:54 PM
Sales of new U.S. homes climbed in August to the highest level in almost a year as builders cut prices at a record pace to compete with the foreclosures that are flooding the market for previously owned houses. Sales increased 0.7 percent to a 429,000 annual pace, less than anticipated, figures from the Commerce Department showed last week in Washington. The worst housing slump since the Great Depression may be drawing to a close as first-time buyers rush to take advantage of tax credits before a November deadline. The $8,000 tax credit for first- time buyers, which is due to expire at the end of November, combined with lower prices as foreclosures have mounted, have helped lift sales this year
Posted by Jon Swanson on October 1st, 2009 2:54 PMPost a Comment (0)
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