In another very modest indication that the housing market has bottomed, new home sales moved higher
Source: Flickr, Images of Money
The Commerce Department:
Sales of new single-family houses in November 2011 were at a seasonally adjusted annual rate of 315,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.This is 1.6 percent (±12.2%)* above the revised October rate of 310,000 and is 9.8 percent (±19.5%)* above the November 2010 estimate of 287,000.
But the damage done to the housing market will not be undone for years, and in some regions like Nevada and parts of California, it may not be undone at all.
Foreclosure rates are still on pace to top 3 million this year. The shadow inventory of homes not on the market but primed for sales is 1.6 million. And, over 20% of all homes with mortgages are underwater.
Despite the lowest interest rates on record–under 4%–few buyers have entered the market
Douglas A. McIntyre
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