- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Sep. 17, 2014
- WVDNR Law Enforcement officers seize illegally harvested ginseng in southern West Virginia
- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Sep. 16, 2014
- RECALLS THIS WEEK: Fire Alarm Base, Children's Swings, and Other Product Recalls
- CFPB Sues Online Payday Lender for Cash-Grab Scam; The Hydra Group Uses Phony Payday Loans to Illegally Access Consumer Bank Accounts
- OP-ED: Peace Cannot Be Achieved When the State Executes Innocent Men
- Marshall University celebrates grand opening of ‘world-class’ Visual Arts Center in downtown Huntington
- OP-ED: The Peoples Climate March and International Day of Peace – Making the Connection
- FREDDIE MAC: Mortgage Rates Move to Highest Level Since Beginning of May
- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Sep. 15, 2014
U.S.: New Home Sales Fall 14.5% in March
“We keep hearing from our members that tight credit conditions are preventing many first-time buyers and younger families from being able to buy a home,” said Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del. “Congress must outline a clear policy on housing finance so that qualified buyers can get home loans. Otherwise, this continued uncertainty could threaten the housing recovery and overall economy.”
“Overly stringent underwriting standards for mortgages have had a detrimental effect on modest-priced markets and have hit first-time home buyers particularly hard,” said NAHB Chief Economist David Crowe. “As a result, most of the sales are coming from a smaller pool of buyers who have a more established credit history, are more likely to finance with higher cash down payments and are purchasing higher-priced homes.”
Regionally, sales in March fell 21.5 percent in the Midwest, 14.4 percent in the South and 16.7 percent in the West. The Northeast was the exception to the rule, with a 12.5 percent increase.
The median sales price of new houses sold in March 2014 was $290,000; the average sales price was $334,200. The seasonally adjusted estimate of new houses for sale at the end of March was 193,000. This represents a supply of six months at the current sales rate.