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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."
Exploring - Metal Detectors
A metal detector is an extremely handy tool for any explorer. It's a hobby in itself. You can find underground utility lines, the cover to the septic tank that the previous owner didn't know about, a metal object like an expensive lost earring... even you car keys if they should fall into the snow while you were shoveling the walk. But, they're a lot more fun for hobbies. Many people love to comb beaches, old hotels, parks and old foundations, not just for treasure, but for clues to the past. Where an old abandoned town, now overgrown, was once located.
You can even search for gold in streams, using specially adapted underwater metal detectors. Now most people would think gold is only found in very rare, isolated locations, and mines. The truth is that gold is found... where it's found. Gold can occur anywhere. Gold veins were recently found in a farmer's field in Ireland. But no one thought it likely, so it was overlooked for centuries, though it was in plain view.
A metal detector gives you a phenomenal advantage. And, what's most exciting is that they haven't been around all that long. Most areas have never been explored with a metal detector.