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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Land Shark who wrote (687034)	6/24/2005 10:43:41 AM
From: Hope Praytochange	Respond to of 769669

New Home Sales, Durable Goods Orders Up By THE ASSOCIATED PRESS Filed at 10:22 a.m. ET WASHINGTON (AP) -- Sales of new homes in May climbed to the second highest level in history, but the median sales price fell sharply, the government reported Friday. The Commerce Department said that sales of new single-family homes rose by 2.1 percent last month to a seasonally adjusted annual rate of 1.3 million homes. But the median sales price dropped 6.5 percent to a median $217,000, the point at which half the homes sold for more and half for less. The housing market has been red-hot this year with demand being driven by mortgage rates that have hovered near historic lows. However, the surge in demand has raised concerns that a speculative fever is creating a housing bubble similar to the stock market bubble that burst in early 2000.