Joe Moshe, Broker/Owner of Charles Rutenberg Realty, says the increase in new home sales during the month of November may be the result of greater consumer confidence in the job market. He also says that the construction of more new homes will help the Real Estate market and boost job growth, but warned that other economic circumstances may hinder future growth.
With the “shadow inventory” being held back by the banks and the ever increasing number of the stricter lending requirements and the possible eradication of the mortgage interest deduction, it may be tough to see any dramatic improvement in the Real Estate market next year,” Mr. Moshe said.
The Commerce Department reported today that new home sales last month were up 4.4% to a seasonally adjusted annual rate of 377,000 units, compared to October’s figure of 361,000. The Nov 2012 numbers were 15.3% higher than they were 12 months ago – when the estimated rate was at 327,000 units – and were at its highest levels in two and a half years.
[box type=”info”] “They believe that this was the opportune time to by a home,” states Joe Moshe[/box]
“When people saw the jobless rate go down and more people going back to work, they saw a more robust economy and excersied their purchasing power,” Joe said.
[author] [author_image timthumb=’on’]http://rutenbergblog.com/wp-content/uploads/2013/01/NEW-JoeHeadshot.jpg[/author_image] [author_info]Joe Moshe | Broker/Owner of Charles Rutenberg Realty[/author_info] [/author]
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