Market Watch
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New housing data looks promising, yet unconvincing, experts say
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New housing data has some industry experts pointing to the old maxim, “If it looks too good to be true, it probably is.”
The U.S. Census Bureau released data on Dec. 4 that indicated contracts to sell newly built homes increased by over 25 percent in October from the month before to reach a seasonally adjusted annual rate of 444,000. These figures are in line with the spike in growth seen last spring when the market for new homes was thriving, the Wall Street Journal reported.
While the supposed surge in the new-home market would appear to be a boon for the market as a whole, some economists, home builders and analysts caution that the figures might be misleading.
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