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Sales of new homes are expected to post their sixth consecutive monthly gain as builders reap the benefits of a tax credit for first-time owners that expires at the end of next month.A Commerce Department report on September's new home sales, to be released Wednesday at 10 a.m. EDT, is forecast to show a 2.6 percent increase to a seasonally adjusted annual rate of 440,000, from 429,000 in August, according to economists polled by Thomson Reuters.
U.S. new home sales unexpectedly fell 3.6% in September, the Commerce Department estimated Wednesday. The decline in new-home sales to a seasonally adjusted annual rate of 402,000 was well below the 438,000 pace expected by economists surveyed by MarketWatch. New-home sales in August were revised to a 417,000 level compared with the previous estimate of 429,000. This is the first decline in new home sales after five consecutive monthly gains. New-home sales are down 7.8% compared with a year ago.
It would be interesting to see the 'revised' numbers for this year...to see if the estimates were high or low.
I believe the estimates were probably a tad bit optimistic...
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