Up? Down? Home Sales Report Flip-Flop
27 March 2007
February New and Existing Home Sales Take Different
Conflicting reports on new home sales vs existing home sales were relased on Friday and Monday. NAR’s report on new home sales was sanguine and reported a surpising increase, while HUD’s report on Monday of existing home sales showed a marked decline. Whom to believe?
If you like to believe David Lereah, NAR’s chief economist, he was quick to come up with several possible explanations, including mild weather, historically low mortgage rates (?) and improved fundamentals in the housing market.
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