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New home sales: 'Really good news'

NEW YORK (CNNMoney.com) -- Sales of newly constructed single-family homes spiked 11% in June to an annualized rate of 384,000 homes, according to a report released Monday.

The gain over May was much greater than expected. A consensus of housing industry analysts had forecast seasonally adjusted sales of 352,000, according to Breifing.com.

However, sales are still 21% below the levels of a year ago, when new homes sold in June at an annualized rate of 488,000, according to the report released by the U.S. Department of Housing and Urban Development. Four years ago, during the height of the housing boom, the sales rate for June was 1,374,000, nearly three-and-a-half times higher than last month.

Still, the report was very positive, according to Peter Morici, an economics professor at the University of Maryland who had forecast June sales to be at the 350,000 level. "That is really good news. Considering what's going on in existing home sales, with all the foreclosure activity sending down home prices, for new homes to jump like that is a good indicator that the economy is bottoming out."
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Fishing Gear - Korkers Wetlands Wading Boots (For Men and Women)


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Korkers Wetlands Wading Boots (For Men and Women)

Korkers Wetlands Wading Boots (For Men and Women)
CLOSEOUTS . With Wetlands wading boots from Korkers, there\'s no need to change your boots... just change the sole and you\'re ready to go from trail to stream in a flash. Omnitrax sole technology includes interchangeable rubber lug and compressed felt soles. The lug sole is a traditional hiking boot style providing reliable traction for muddy trails, clay banks, gravel, rock, weeds and wood. The felt sole is designed for outstanding traction on wet, slimy and mossy rocks and river bottoms. Synthetic uppers Height: 5\" Weight: 2 lb. 14 oz. pr. CLOSEOUTS . China. Size: 5(W 6, M 5) 6(W 7, M 6) 7(W 8, M 7) 8(W 9, M 8) 9(W 10, M 9) 10(W 11, M 10) 11(W 12, M 11) 12(W 13, M 12) 13(W 14, M 13) 14(W 15, M 14) Visit our Fly Fishing Guide Available Colors: TAN / BLACK. Sizes: 10, 11, 12, 13, 14, 5, 6, 7, 8, 9.

12.95
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