John Zaher/Hank Russell, PRMG New York
November 28, 2012
Charles Rutenberg Realty Broker/Owner Joe Moshé Says Economic Factors Resulted in Decline in New Home Sales in October
Joe Moshé, Broker/Owner, Charles Rutenberg Realty, says the drop in new home sales during the month in October may have been the result of consumers who were wary of the pending budget debate and the status of the mortgage interest deduction that many current homeowners enjoy.
The Commerce Department reported today that new home sales fell 0.3% to a seasonally adjusted annual rate of 368,000 units, compared to September’s figure of 369,000, which was downwardly revised from 389,000 units. It was at its lowest level since May. In addition, the Mortgage Bankers Association announced that applications for home mortgages declined last week by 0.9%. This is despite The National Association of REALTORS reported a 2.1% increase in existing home sales and housing starts were at a four-year high, according to Commerce.
“This may be a bump in the road, based on the other housing market indicators, but it would be interesting to see what the future holds for new homes,” Mr. Moshé said. “Those who are looking to purchase a new home are worried that they may not receive the mortgage interest deduction, which federal elected officials are looking to do away with to close the budget deficit and avoid going over the ‘fiscal cliff.’ I hope that the residential Real Estate market does not fall down that same cliff.”
Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies with more than 1,300 Agents on Long Island, Queens, Westchester, the Boroughs and Manhattan. For more information, call (516) 575-7500, or visit www.crrli.com.
About Charles Rutenberg Realty
Founded in 2006, Charles Rutenberg Realty of New York is one of the nation’s fastest-growing, most progressive Real Estate Agencies with over 1,300 Agents on Long Island, Queens, Westchester, the Boroughs and Manhattan. Charles Rutenberg Realty specializes in residential properties in Nassau, Suffolk, Queens, Kings and Westchester Counties. Among the 1,900 independent Real Estate offices represented by Multiple Listing Services (MLS), Charles Rutenberg Realty has the highest market share for available inventory, listings taken for the first six months of the year and listings under contract. Its Agents are trained in the latest creative marketing programs and can fulfill all their clients’ financial and personal needs when buying or selling a home. Charles Rutenberg Realty is headquartered in Plainview, New York, with offices in New York City, Florida and Illinois. For more information, call (516) 575-7500 or visit www.crrli.com.