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August 23, 2013

Large Drop in New Home Sales.

August 23, 2013

Large Drop in New Home Sales.

New Home Sales  (July 2013)

– New Home Sales (seasonally adjusted, annualized)   394,000 down from 455,000 in June which was revised down from 497,000.

This is the largest drop in 3 years.  Existing Home Sales are good for Realtors and mortgage loan officers but it is the construction of new homes which is a larger economic force.

Higher mortgage interest rates and prices may be factors.