Top 5: New home sales inching up, but builders still struggling to close sales Hillsboro Argus OregonLive.com
Top 5: New home sales inching up, but builders still struggling to close sales By Ryan Frank, The Oregonian November 25, 2009, 10:05AMGot a story tip? ryanfrank@news.oregonian.com; 503-221-8519.
1. New home sales inching up, but builders still struggling to close sales: The Census Bureau reports this morning that new U.S. home sales rose to an annual rate of 430,000 in October, up from a revised September rate of 405,000. That's a 6.2 percent jump, but the increase isn't statistically significant. For what it's worth, sales in the West dropped in October. IHS Global Insight economist Patrick Newport gives these highlights: 1. Inventories fell for the 30th straight month and hit their lowest level since May 1971. That signals that builders at some point will need to boost housing starts again. 2. While the October jump wasn't statistically significant, the trends show that new home sales are improving slowly. 3. The tax credit didn't drive any sales bump because
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