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New Home Sales Lowest in 47 Years
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You're Now Reading:
New Home Sales Lowest in 47 Years
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
New Home Sales Lowest in 47 Years
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January 26, 2011 (Chris Moore)
mortgages-new_housing_construction_image
Despite a jump in new home sales of 17.5 percent from November to December, total sales for all of 2010 totaled 321,000 units, the fewest number of new homes sold in 47 years. It was the fifth consecutive year that sales have declined after hitting record highs for the five previous years when the housing market was booming according to data released by the Commerce Department.

The year ended on a stronger note. Buyers purchased new homes at a seasonally adjusted annual rate of 329,000 units in December, a 17.5 percent increase from the November pace.

Still, economists say it could be years before sales rise to a healthy rate of 600,000 units a year. David Crowe, chief economist for the National Association of Home Builders (NAHB) predicts that new home sales will increase 25 percent in 2011 to 405,000.

Crowe sees several factors as contributing to a budding recovery, including a rebound in consumer confidence that has seen rising sales in big-ticket items like autos and furniture, suggesting consumers are becoming less worried about job security. The recently enacted 2 percent cut in Social Security taxes for one year should also boost consumer spending to around the 3.5-3.8 percent level, up from 2.5 percent in 2010.

But builders of new homes are struggling to compete in markets saturated with foreclosures. High unemployment and uncertainty over home prices have kept many potential buyers from making purchases.

With over six million homes in some stage of foreclosure and a predicted 1.5 to 1.8 million homes expected to join that amount this year, home builders might find the competition for home buyers a lot tougher this year than last.

The effects of the foreclosure crisis was certainly felt this year, as NAHB predicted in January 2010 that housing starts would rise to 610,000 units but only about 475,000 homes were actually built.

But builders still see a reason to be optimistic. Demographic factors also figure to help boost the housing market in 2010. Crowe said multifamily housing should get a significant boost from a disproportionate number of Generation Y members moving into the housing market. He predicted they would help produce a 16 percent boost in multifamily housing starts this year and a 53 percent increase in 2012, to an annual level of 203,000 units.

Frank Northaft, Freddie Mac chief economist agrees, noting that research from the Harvard Joint Center for Housing Studies predicts that U.S. households will increase at a rate of 1.2 million – 1.5 million over the next 5-10 years, driving a need for new housing.

The median price of a new home rose to $241,500 in December, up from a November median of $215,500. For all of 2010, the median sales price was $221,900, up 2.4 percent from the 2009, however, economists expect overall home prices will continue to fall until at least midyear as foreclosures continue to saturate the market.

For December, sales rose in all parts of the country except the Northeast, which saw a 5 percent decline. Sales surged 71.9 percent in the West and were up 3.2 percent in the Midwest and 1.8 percent in the South.

Tags: new home sales, housing starts, median price, foreclosure crisis, demographics, low mortgage rates, consumer confidence, budding recovery

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WE VERIFY & TRANSMIT TO LENDERS
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CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

January 26, 2011 (Chris Moore)
mortgages-new_housing_construction_image
Despite a jump in new home sales of 17.5 percent from November to December, total sales for all of 2010 totaled 321,000 units, the fewest number of new homes sold in 47 years. It was the fifth consecutive year that sales have declined after hitting record highs for the five previous years when the housing market was booming according to data released by the Commerce Department.

The year ended on a stronger note. Buyers purchased new homes at a seasonally adjusted annual rate of 329,000 units in December, a 17.5 percent increase from the November pace.

Still, economists say it could be years before sales rise to a healthy rate of 600,000 units a year. David Crowe, chief economist for the National Association of Home Builders (NAHB) predicts that new home sales will increase 25 percent in 2011 to 405,000.

Crowe sees several factors as contributing to a budding recovery, including a rebound in consumer confidence that has seen rising sales in big-ticket items like autos and furniture, suggesting consumers are becoming less worried about job security. The recently enacted 2 percent cut in Social Security taxes for one year should also boost consumer spending to around the 3.5-3.8 percent level, up from 2.5 percent in 2010.

But builders of new homes are struggling to compete in markets saturated with foreclosures. High unemployment and uncertainty over home prices have kept many potential buyers from making purchases.

With over six million homes in some stage of foreclosure and a predicted 1.5 to 1.8 million homes expected to join that amount this year, home builders might find the competition for home buyers a lot tougher this year than last.

The effects of the foreclosure crisis was certainly felt this year, as NAHB predicted in January 2010 that housing starts would rise to 610,000 units but only about 475,000 homes were actually built.

But builders still see a reason to be optimistic. Demographic factors also figure to help boost the housing market in 2010. Crowe said multifamily housing should get a significant boost from a disproportionate number of Generation Y members moving into the housing market. He predicted they would help produce a 16 percent boost in multifamily housing starts this year and a 53 percent increase in 2012, to an annual level of 203,000 units.

Frank Northaft, Freddie Mac chief economist agrees, noting that research from the Harvard Joint Center for Housing Studies predicts that U.S. households will increase at a rate of 1.2 million – 1.5 million over the next 5-10 years, driving a need for new housing.

The median price of a new home rose to $241,500 in December, up from a November median of $215,500. For all of 2010, the median sales price was $221,900, up 2.4 percent from the 2009, however, economists expect overall home prices will continue to fall until at least midyear as foreclosures continue to saturate the market.

For December, sales rose in all parts of the country except the Northeast, which saw a 5 percent decline. Sales surged 71.9 percent in the West and were up 3.2 percent in the Midwest and 1.8 percent in the South.

Tags: new home sales, housing starts, median price, foreclosure crisis, demographics, low mortgage rates, consumer confidence, budding recovery

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

January 26, 2011 (Chris Moore)
mortgages-new_housing_construction_image
Despite a jump in new home sales of 17.5 percent from November to December, total sales for all of 2010 totaled 321,000 units, the fewest number of new homes sold in 47 years. It was the fifth consecutive year that sales have declined after hitting record highs for the five previous years when the housing market was booming according to data released by the Commerce Department.

The year ended on a stronger note. Buyers purchased new homes at a seasonally adjusted annual rate of 329,000 units in December, a 17.5 percent increase from the November pace.

Still, economists say it could be years before sales rise to a healthy rate of 600,000 units a year. David Crowe, chief economist for the National Association of Home Builders (NAHB) predicts that new home sales will increase 25 percent in 2011 to 405,000.

Crowe sees several factors as contributing to a budding recovery, including a rebound in consumer confidence that has seen rising sales in big-ticket items like autos and furniture, suggesting consumers are becoming less worried about job security. The recently enacted 2 percent cut in Social Security taxes for one year should also boost consumer spending to around the 3.5-3.8 percent level, up from 2.5 percent in 2010.

But builders of new homes are struggling to compete in markets saturated with foreclosures. High unemployment and uncertainty over home prices have kept many potential buyers from making purchases.

With over six million homes in some stage of foreclosure and a predicted 1.5 to 1.8 million homes expected to join that amount this year, home builders might find the competition for home buyers a lot tougher this year than last.

The effects of the foreclosure crisis was certainly felt this year, as NAHB predicted in January 2010 that housing starts would rise to 610,000 units but only about 475,000 homes were actually built.

But builders still see a reason to be optimistic. Demographic factors also figure to help boost the housing market in 2010. Crowe said multifamily housing should get a significant boost from a disproportionate number of Generation Y members moving into the housing market. He predicted they would help produce a 16 percent boost in multifamily housing starts this year and a 53 percent increase in 2012, to an annual level of 203,000 units.

Frank Northaft, Freddie Mac chief economist agrees, noting that research from the Harvard Joint Center for Housing Studies predicts that U.S. households will increase at a rate of 1.2 million – 1.5 million over the next 5-10 years, driving a need for new housing.

The median price of a new home rose to $241,500 in December, up from a November median of $215,500. For all of 2010, the median sales price was $221,900, up 2.4 percent from the 2009, however, economists expect overall home prices will continue to fall until at least midyear as foreclosures continue to saturate the market.

For December, sales rose in all parts of the country except the Northeast, which saw a 5 percent decline. Sales surged 71.9 percent in the West and were up 3.2 percent in the Midwest and 1.8 percent in the South.

Tags: new home sales, housing starts, median price, foreclosure crisis, demographics, low mortgage rates, consumer confidence, budding recovery

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.