Home Sales Drop in November

Sales of U.S. New Homes Unexpectedly Fell in November

Purchases of new homes in the U.S. unexpectedly fell last month, indicating a recovery from the worst housing slump since the Great Depression will be slow to develop.
Purchases dropped 11 percent to an annual pace of 355,000, lower than the lowest estimate of economists surveyed by Bloomberg News, figures from the Commerce Department showed today in Washington. The median sales price decreased 1.9 percent from November 2008.
-Bloomberg

 

Victor Lloyd Smith

Millennium Lyon Asset Management

Web:      www.mlgcap.com