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New home sales: 'Really good news'

NEW YORK (CNNMoney.com) -- Sales of newly constructed single-family homes spiked 11% in June to an annualized rate of 384,000 homes, according to a report released Monday.

The gain over May was much greater than expected. A consensus of housing industry analysts had forecast seasonally adjusted sales of 352,000, according to Breifing.com.

However, sales are still 21% below the levels of a year ago, when new homes sold in June at an annualized rate of 488,000, according to the report released by the U.S. Department of Housing and Urban Development. Four years ago, during the height of the housing boom, the sales rate for June was 1,374,000, nearly three-and-a-half times higher than last month.

Still, the report was very positive, according to Peter Morici, an economics professor at the University of Maryland who had forecast June sales to be at the 350,000 level. "That is really good news. Considering what's going on in existing home sales, with all the foreclosure activity sending down home prices, for new homes to jump like that is a good indicator that the economy is bottoming out."
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Fishing Gear - Korkers Swift Sandals - Leather (For Men)


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Korkers Swift Sandals - Leather (For Men)

Korkers Swift Sandals - Leather (For Men)
CLOSEOUTS . The Korkers Swift sandal is actually two sandals in one, and features a cutting-edge, interchangeable sole system developed exclusively by Korkers. With the Omnitrax sole system, you can use your sandals for travel, hiking or fly fishing (wading). Neoprene-lined suede upper Protective rubber toe bumper Quick-adjust bungee lacing Adjustable heel cinch strap Omnitrax system offers two easily interchangeable soles Travel sole is great for light hiking and general wear Kling-On(R) outsole provides traction on slick riverbeds Weight: 2 lb. pr. Medium width Made in China Half sizes order up. Visit our Shoe Sizing Guide Available Colors: BROWN. Sizes: 6, 7, 8, 9, 10, 11, 12, 13, 14.

54.95
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