New Home sales – up, up and away? flipping real estate says..
Flipping Real Estate broadcasted today that new home sales bounced up 6.2% compared to the 2% projected rise, and that prices sunk by the smallest margin in nearly a year.. Not only that, but the excess shadow inventory that had everyone curious is gone. “New home inventory is now plumbing depths we haven’t seen in 38 years,” says Weiss Research analyst Mike Larson. “If you’re looking for a sign that builders will need to start swinging their hammers again soon, this is it.” On balance, everything seems to be improving, but the Wall Street Journal has reported a note of caution. First, it points out that builders have been sinking in a downward spiral for some time, so even a small surge looks good – and this is a tiny increase, well-below the market’s roughly 1.4 million sales announced in July of 2005.
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