NEW HOME SALES Up 2.4% IN JULY – But, Down 35.3% From 2007
2008 September 1
The U.S. Census Bureau and the Dept. of Housing and Urban Development released a report last week showing sales of new, single-family, homes rose 2.4 percent in July to a seasonally adjusted annual rate of 515,000 units.
The uptick represents a modest increase from June figures at 503,000, but sales still remain roughly 35.3 percent below July 2007 with estimates of 796,000 units. San Diego California real estate blog
Just because people with funny money from stocks and people who got loans who could not afford them drove prices up doesn’t mean this will last. A home is still your best investment in my opinion.
San Diego Real Estate Agent
If you are going to buy a home that you are planning on living in, buy one that you can afford, taxes and insurance and maintenance included. The “asking” price does not tell the whole story, nor does the “adjustable” loan. People paid too much thinking they could flip the house, found no buyer and the adjustable loan was “adjusting”, just like they’d been warned. Of course, no one fore saw the gas prices, the electricity prices, the food prices going through the roof, and all the unemployment.
San Diego Dental Specialist
The housing market peaked around 2005-2006. A lot of 5-year fixed interest-only loans will reset in 2010-2011. That means more foreclosures in the future.
San Diego Law