Words: Ashley Rigg
Published: 27th August 2009
US: New home sales rise 9.6%
FT.com is reporting more positive news on the US housing market. New home sales have beaten all forecasts by jumping 9.6% between June and July although they are still 13.4% down year on year.
The rise is attributed to lower prices and the first-time buyer tax credit stimulating the market. Many commentators have proclaimed the bottom on the housing cycle but the market could be a while on the bottom. Sales are moving off a historically low base so percentages can be misleading.
Full story on FT.com
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