Commercial & Residential Property Blog

Sales of newly built, single-family homes declined dramatically in May following the expiration of a popular home buyer tax credit program in the previous month, according to newly released figures by the U.S. Commerce Department.

New home sales went through the roof in April, but only because the federal tax credit was propelling sales upward like a jet pack. According to the U.S. Department of Commerce, 14.8 percent more new homes were sold in April than in March. The annualized rate of new home sales was 504,000 in April, a whopping 47.8 percent more than during the same month last year.

Sales of new homes jumped in April, climbing 14.8 percent to a seasonally adjusted rate of 504,000 last month, up from 439,000 in March, the U.S. Commerce Department reported Wednesday.

WASHINGTON – Orders for large manufactured goods rose sharply last month while sales of new homes surged with help from government incentives, giving the economic recovery a jolt in April.

Sales of newly built, single-family homes fell 2.2 percent in February to a seasonally adjusted annual rate of 308,000 units, the Commerce Department reported today. While this figure marked a new record low for overall sales activity, only one region (the South) hit its own record low.

Mortgage applications for purchases of homes rose 2.7 percent last week on an adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey. However, refinancing activity decreased as rates rose.

The pace of single-family home production remained virtually unchanged in February, with a 0.6 percent decline to a seasonally adjusted annual rate of 499,000 units, according to figures released today by the U.S. Commerce Department. Meanwhile, a large decline on the more volatile multifamily side brought the overall number of housing starts down 5.9 percent to a seasonally adjusted annual rate of 575,000 units.

NEW YORK, NY – Dozens of local officials from 12 of the regions hit hardest by the housing crisis are meeting at Harvard University today, March 14, and tomorrow, March 15 to develop new strategies for stabilizing neighborhoods that experience large numbers of foreclosures. “The Neighborhood Stabilization Boot Camp” is sponsored by Living Cities together with the Ash Institute for Democratic Governance and Innovation at Harvard University John F. Kennedy School of Government.

LOS ANGELES – Harsh winter weather and competition from deeply discounted foreclosures are putting a damper on sales prospects for U.S. homebuilders.

In many places, real estate is still not a good investment, says Barry Ritholtz, CEO and director of equity research at FusionIQ, which ranks the profitability of investments.