Charles Rutenberg Realty's Joe Moshé Comments on the Decline in New Home Sales in October

Dec. 2, 2010 - PRLog -- Joe Moshé, Broker/Owner, Charles Rutenberg Realty, says the decrease in new home sales in the month of October could be attributed to the more stringent lending requirements that were put in place that month. He also said that, although the economy is starting to rebound, it will take years before the housing market fully recovers.

The Commerce Department recently released estimates that sales of new single-family homes last month were at a seasonally adjusted rate of 283,000 units, down 8.1% from 307,000 units in September. During the same time period, existing home sales also fell 2.2%, according to the National Association of Realtors.

“The month of October was not a good month for the housing market,” Mr. Moshé said. “When the new lending requirements went into effect — requiring borrowers to have near-perfect credit and to put down a larger down payment on a home — many prospective homeowners have put off purchasing a home. However, this is the time to buy. There are many houses on the market that can be bought at terrific prices. Many people, however, are still worried about the economy.”

The government also reported that the median sales price for new homes was $194,900 — the lowest level since October 2003. “When home prices fall, homeowners lose equity in their homes and it makes it more difficult for them to either sell their homes or refinance,” Mr. Moshé said. “Interest rates are still fairly low, but it’s not enough to spur the housing market. There has been an increase in consumer confidence recently, but it would not be enough to rally the housing market. It could be years until we see a full recovery.”

Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies with more than 1,200 Agents on Long Island, Queens, Westchester, and the New York metro area. For more information, call (516) 575-7500, or visit www.crrli.com.

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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 1,200 Agents on Long Island, Queens and Westchester. 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.