Wednesday, November 24, 2010

Nation has 8.6-month glut of new homes on market, Census Bureau says

"New home sales dropped to an annualized rate of 283,000 in October, leaving 202,000 new homes (8.6 months worth) on the market, according to a report released Wednesday by the Census Bureau and the Department of Housing and Urban Development.

New home sales are down 8.1% from September and 28.5% from October 2009.

The National Association of Realtors reported Tuesday that existing home sales trended down in October also, dipping 2.2% compared to September.

Collectively in 2010, the annualized rate of new home sales is 273,000. This is down 14% from 2009..."

at http://www.housingwire.com/2010/11/24/nation-has-8-6-month-glut-of-new-homes-on-market-census-bureau-says?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29

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