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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who started this subject	6/24/2004 10:13:57 AM
From: austrieconomist	Read Replies (1) of 110194

New home sales surge to record high in May. Imbalances continue to grow. Recommend that knife catching not be tried, however. 10:00am 06/24/04 U.S. May new home sales set record high By Greg Robb WASHINGTON (CBS.MW) - Sales of new homes in the United States rose 14.8 percent in May to a record seasonally adjusted annualized rate of 1.37 million, the Commerce Department estimated Thursday. The increase was much larger than expected. Economists surveyed by CBS MarketWatch were expecting a sales rate of about 1.12 million in May. Estimated sales in April were revised higher to an annual rate of 1.19 million from 1.09 million. The number of new homes for sale on the market fell about 0.5 percent to 372,000, representing 3.3-months of sales at the May pace. New-home sales surged in the Northeast and the South. Sales rose about 53.2 percent in the Northeast to 121,000. This is the biggest gain since March 2003. Sales rose about 20.3 percent in the South to a record 663,000, the biggest gain since July 1995. The median sales price rose 1.5 percent year-over-year to $198,400.

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