New-home sales increase, but the recovery remains sluggish

12/26/2010 | Los Angeles Times (tiered subscription model) · Google

Sales of new homes increased 5.5% to an annual rate of 290,000 units in November, according to the Commerce Department. However, the result fell short of analysts' expectations. "The near-term sales outlook is not good because single-family housing permits -- a measure of demand and a leading indicator -- have been flat, near the bottom, the past six months," said Patrick Newport, an economist for IHS Global Insight.

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Los Angeles Times (tiered subscription model) · Google

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