Home Buyers Take a Break In November

Americans have had the grace to be able to speak mostly positive about the Real Estate industry concerning its climb from recession this year, but November was not a month to keep that same route. The seasonally adjusted rate of new homes dropped by 11.3% . This was the lowest since April…355,000 for November and 345,000 in April.
The positive outlook for new construction left hopes of an expectation of 438,000 annualized rate, but by the consensus of economists in Briefing.com, we received word on a lesser amount of 400,000.
CNN Money experts suspect that this is a result of the change from the original tax credit of $8,000 that will allow a little release of pressure to buy so soon…the timeline to use these moneys was extended. Now Americans chasing that tax advantage can procrastinate a little without racing against a clock. Piggy backing on the positive reason for the negative turn, it’s to be figured in that Americans are a little leery about spending money on down payment and so forth knowing that the Christmas shopping season was right around the corner in this less than stable employment market as well.
I expect the Real Estate market to show signs of life and reflect positive numbers in January and February.