Glut of unsold new homes across US hits record high

homesweethomeBREITBART.COM – Glut of unsold new homes across US hits record high

The glut of brand new unsold homes for sale across the United States hit a record high in June, a government report showed, as some economists warned of a worsening market in coming months.

from via Drudgereport
Maxed Out Mama has been regularly reporting on this with detail for quite sometime. You guys ought to keep tabs on what she has to say on the topic. Here
and here, for starters.

Last month the months of supply for all new homes in May was given as 5.5, and that has been revised to 5.9. This month’s is given as 6.1, and I expect that to be revised upward in next month’s release. This matches what I have been hearing and reading anecdotally, which is that the major constraint on new home sales in quite a few areas is not price but a combination of inability to get financing by first-time buyers and an inability to sell the first home, followed by a cancelled sale and a forfeited deposit. NAR’s pending home sales index will be released August 1st, and I think that will be a better leading indicator. -Maxed Out Mama

2 thoughts on “Glut of unsold new homes across US hits record high”

  1. Yet I still can’t find an affordable home in a decent section of town. ugh. A lot of the homes here are way over-priced when all the factors are figured in.

  2. Looks like maybe you just need to be patient for a little time more…save up that down payment money;)

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