October New Home Sales Drop
October New Home Sales Drop
October New Home Sales Drop
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November 29 2010 (Shirley Allen)
framing-new-home-construction
The Commerce Department has reported that the sales of new single-family homes declined 8.1 percent to a seasonally adjusted annual rate of 283,000 units in October, while the median home price dropped to the lowest point in seven years.

It was the fourth time the sales rate has dropped in the past six months. New home sales are just 2.9 percent above August’s pace of 275,000 units — which was the lowest level dating back to 1963.

Meanwhile, the median sale price for a new home declined 9.4 percent to $194,900 compared to last year and was just $800 higher than it was in October 2003. The inventory of new homes for sale slid 0.5 percent to 202,000, an eight-month supply. A six-month inventory is considered good.

The decline in new home sales followed a report Tuesday that sales of previously occupied homes fell 2.2 percent in October, to a seasonally adjusted annual rate of 4.43 million units. That left the sales pace for previously occupied homes 38.9 percent below a peak of 7.25 million units set in September 2005.

The October setback in new homes represented weakness in all parts of the country except the South, where sales posted a 3.1 percent rise. New home sales fell 23.9 percent in the West, 20.4 percent in the Midwest and 12.1 percent in the Northeast.

The nation’s homebuilders are facing competition from heavily discounted foreclosed properties and potential short sales. Many economists believe it could take three years for the industry to get back to a healthy annual rate of sales of around 600,000 homes.

Tags: single-family homes, median home price, home sales rate, median sale price, home inventory, homebuilders

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Mortgage
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Estimate your monthly mortgage payment
Auto Loan
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Determine how much car you can afford before buying
Learn About
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Loan Comparison

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Todays Mortgage
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November 29 2010 (Shirley Allen)
framing-new-home-construction
The Commerce Department has reported that the sales of new single-family homes declined 8.1 percent to a seasonally adjusted annual rate of 283,000 units in October, while the median home price dropped to the lowest point in seven years.

It was the fourth time the sales rate has dropped in the past six months. New home sales are just 2.9 percent above August’s pace of 275,000 units — which was the lowest level dating back to 1963.

Meanwhile, the median sale price for a new home declined 9.4 percent to $194,900 compared to last year and was just $800 higher than it was in October 2003. The inventory of new homes for sale slid 0.5 percent to 202,000, an eight-month supply. A six-month inventory is considered good.

The decline in new home sales followed a report Tuesday that sales of previously occupied homes fell 2.2 percent in October, to a seasonally adjusted annual rate of 4.43 million units. That left the sales pace for previously occupied homes 38.9 percent below a peak of 7.25 million units set in September 2005.

The October setback in new homes represented weakness in all parts of the country except the South, where sales posted a 3.1 percent rise. New home sales fell 23.9 percent in the West, 20.4 percent in the Midwest and 12.1 percent in the Northeast.

The nation’s homebuilders are facing competition from heavily discounted foreclosed properties and potential short sales. Many economists believe it could take three years for the industry to get back to a healthy annual rate of sales of around 600,000 homes.

Tags: single-family homes, median home price, home sales rate, median sale price, home inventory, homebuilders

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 LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
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.
Helpful Tools

November 29 2010 (Shirley Allen)
framing-new-home-construction
The Commerce Department has reported that the sales of new single-family homes declined 8.1 percent to a seasonally adjusted annual rate of 283,000 units in October, while the median home price dropped to the lowest point in seven years.

It was the fourth time the sales rate has dropped in the past six months. New home sales are just 2.9 percent above August’s pace of 275,000 units — which was the lowest level dating back to 1963.

Meanwhile, the median sale price for a new home declined 9.4 percent to $194,900 compared to last year and was just $800 higher than it was in October 2003. The inventory of new homes for sale slid 0.5 percent to 202,000, an eight-month supply. A six-month inventory is considered good.

The decline in new home sales followed a report Tuesday that sales of previously occupied homes fell 2.2 percent in October, to a seasonally adjusted annual rate of 4.43 million units. That left the sales pace for previously occupied homes 38.9 percent below a peak of 7.25 million units set in September 2005.

The October setback in new homes represented weakness in all parts of the country except the South, where sales posted a 3.1 percent rise. New home sales fell 23.9 percent in the West, 20.4 percent in the Midwest and 12.1 percent in the Northeast.

The nation’s homebuilders are facing competition from heavily discounted foreclosed properties and potential short sales. Many economists believe it could take three years for the industry to get back to a healthy annual rate of sales of around 600,000 homes.

Tags: single-family homes, median home price, home sales rate, median sale price, home inventory, homebuilders

HOW LOANRATENETWORK
LOAN CENTER 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 LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
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.