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U.S. new home sales drop; record low mortgage rates underpinning demand
Sales of new U.S. single-family homes unexpectedly fell in September after four straight monthly increases, but the housing market remains supported by record low mortgage rates and demand for more space as the COVID-19 pandemic drags on. The decrease in sales reported by the Commerce Department on Monday followed data last week showing single-family homebuilding and permits racing to levels last seen in 2007 in September. Confidence among homebuilders hit a record high in October, while sales of previously owned homes jumped to their highest level in more than 14 years in September. “While there could be some ups ... (full story)
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- Oct 26, 2020 4:52pm Oct 26, 2020 4:52pm
- RossEdwards
- Joined Jun 2019 | Status: Member | 3299 Comments
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- Oct 27, 2020 6:51am Oct 27, 2020 6:51am
- UKBanter
- | Joined Mar 2017 | Status: Member | 938 Comments
The elites think we are stupid. They are in the main quite correct.