New Home Sales Decline
Credit unions may face a long haul in building back up their mortgage portfolios if new home sales continue to fall as they did last month.
New home sales fell 2.2% in February, the fourth consecutive monthly drop, the Departments of Commerce and Housing and Urban Development reported today.
February's figures were 12.2% below the rate in February 2009.
In February, the median sales price was $220,500 and the average price was $282,600.
Last month, new home sales fell from their January levels in the Northeast, Midwest and South by 20%, 18% and 4.6%, respectively. They increased by 20.8% in the West.
The year-to-year sales figures were unchanged in the Northeast, fell 18% in the Midwest and 29.5% in the South and rose 34.8% in the West.