The economy is working hard to recover. The housing market in particular needs the most help. Unfortunately, new home sales fell in February. However, there was an increase in the prices of these homes, putting it at the highest levels we've seen in 8 months. Despite this, new home sales were actually up 11.4% compared to February of last year. This does indeed confirm a boost to the economic recovery efforts.
The housing market is only being hindered right now by an oversupply of used homes on the market. And of course there still is the issue of foreclosures that are selling below their market value. The government is still putting forth efforts to contain and control the amount of foreclosures and hopefully help prevent many of them in the future so the economy can continue to heal.
Sunday, March 25, 2012
Update on the Housing Market
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