May 24, 2006

100 MILLION MORE IMMIGRANTS GOTTA LIVE SOMEWHERE... (via Brad S):

Sales of New Homes Jump Unexpectedly (MARTIN CRUTSINGER, May 24, 2006, AP) --

Sales of new homes rose unexpectedly in April to the fastest pace this year as the housing sector showed resilience in the face of rising mortgage rates. But the price of homes sold last month fell and the level of unsold homes rose to a record high.

The Commerce Department reported that sales of new single-family homes increased by 4.9 percent last month to a seasonally adjusted annual rate of 1.198 million units, the highest rate since last December.

The pace of activity caught economists by surprise.< /blockquote>

Posted by Orrin Judd at May 24, 2006 8:39 PM
Comments

Sales Volume is Up, Higher Despite Lower Prices

I think they call that a Fox Butterfield moment. Although you're no more to blame for it than the AP, I suppose.

Posted by: joe shropshire at May 25, 2006 12:40 AM

It's not always easy for even crack reporters to distinguish between cause and effect. Just hearken back to their inability to connect the dots between putting tens of thousands of bad guys and gals in jail and a drop in the crime rate. Quite the mystery there.

I don't know about the rest of the country, but around here greedy developers over built and speculators went berserk. They were knocking on doors along A1A which skirts the Atlantic Ocean making ridiculous offers to homeowners many of whom took the money and ran, leaving speculators with properties they can't sell for anything close to the millions they paid. To add to their (and our) woes, the insurance companies are saying they want to increase rates by double digits and Florida Power & Lights wants a 70% increase.

Time will tell how it will all shake out.

Posted by: erp at May 25, 2006 8:32 AM
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