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 7.6% in December, the second consecutive monthly decline, the Departments of Commerce and Housing and Urban Development reported today.
The decline occurred despite efforts by the government to encourage home sales, such as a tax credit for first-time homebuyers.
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December's figures were 8.6% below the rate in December 2008.
In December, new home sales were at a seasonally adjusted annual rate of $342,000, compared with $370,000 in November and $374,000 in December 2008.
Last month, new home sales increased from November's levels in the Northeast and West by 42.9% and 5.2%, respectively. They fell in the Midwest and South by 41.1% and 7.3%, respectively.
The year-to-year sales figures rose in the Northeast by 33.3% and fell in the Midwest, South and West by 27.1%, 7.8% and 12%, respectively.
December's median price for a new home was $221,300, compared with $217,400 in November. The average sales price was $290,600, compared with $280,300 in November.
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