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A report from the Commerce Department Wednesday showed new home sales across the country had slowed to a record low pace, as mortgage issues continued to hold back borrowers looking to take advantage of low mortgage rates.
The figures showed that the sales of newly built properties had slowed to a seasonally adjusted annual pace of just 250,000 - the slowest rate seen since the government began tracking the statistic.
That was 16.9 percent behind the sales pace from January, and was 28 percent below numbers from last year, when figures were boosted by the homebuyer tax credit. Home loans continue to be an issue for many, say analysts.
"Even qualified buyers who are ready to make a purchase are facing frustrating challenges in terms of tight consumer lending conditions and inappropriately low appraisal values on new construction," said Bob Nielsen, chairman of the National Association of Home Builders.
The poor statistics come even as builders are reporting higher confidence levels. Earlier this month, the NAHB said its confidence index had improved for the first time in four months.
Downtown Houston real estate bustles with activityActivity in the downtown Houston real estate market surged in recent years as demand from younger residents wanting to be close to nightlife and business centers remains elevated.November 29th, 2012 9:40am