New house sales rise slightly for second month
Washington, DC, United States (AHN) – New home sales rose in April for the second consecutive month, recording a 7.3 percent gain over March.
That put new sales homes at a 323,000 annual pace, according to Commerce Department figures, which was an improvement over the record low 278,000 rate registered in February and August 2010. Those months were the lowest since the government began keeping such data in 1963.
Still, April’s rate was below sales during the same month last year. In addition, analysts think that the ongoing poor economy coupled with a continuing glut of foreclosures will probably help to keep new house sales from growing much in the near future.
However, the glut of foreclosures is not the only thing slowing down new house sales.
The U.S. economy is still struggling to recover from the recent recession. Many people do not have a job that pays well enough to qualify for a mortgage, or their credit is not adequate to qualify for a loan.
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