7.27.09 New Home Sales Rise

The news of the day- new home sales rose 11% in June, the largest increase in 8 years. Buyers are taking advantage of lower home prices, low interest rates, and the federal tax credits available to first-time homebuyers. The window of opportunity for this tax credit closes in November, so first-time buyers are flooding the market during the popular summer housing season. Summer is the most convenient time for many families to think about moving. The opinion of some economists is that the worst of the housing recession is behind us.