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Record pace for new home sales not expected to slow.

Publication: Mississippi Business Journal
Publication Date: 25-AUG-03 		Format: Online - approximately 1147 words
Delivery: Immediate Online Access
Full Article Title: Record pace for new home sales not expected to slow.(Focus Real Estate)

Article Excerpt
Despite a decline in the economy, the home building market in Mississippi and the nation has remained strong spurred by long-term mortgage rates in June that were the lowest since 1956.

The U.S. Commerce Department reported that sales of new single-family homes in June were the highest ever seen, following the record-setting pace also seen in May. About 1.16 million homes were sold in June and 1.11 million in May. For the first half of the year new homes sales were 11% higher than in 2002. New home sales hit a record high in 2002, and are expected to set another record in 2003 if the trend continues.

Interest rates have gone back up to around 6%, but currently homebuilders and real estate agents aren't concerned about the potential impact on home sales.

"It has spurred some people sitting on the fence thinking they have all sorts of time to purchase," said Ellen Short, president of Mississippi Association of Realtors. "Historically when rates bottom out and start going up again, people...

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