The July 28th edition of the Daily Journal contained an article: “Sales of new homes soar in June” on page A2 from the Associated Press that contained several pertinent quotes, as seen below:

“New home sales in June posted the fastest increase in more than eight years as buyers took advantage of bargain prices, low interest rates and a federal tax credit for first-time homeowners … the figured released Monday were another sign the housing market is finally bouncing back. Earlier this month, the government reported that new home construction rose to the highest level since the fall. And data out last week showed home resales rose almost 4 percent in June, the third straight monthly increase.”

“The worst of the housing recession… now is behind us. We’re turning the corner toward increased activity in housing.”

“… Buyers are rushing to take advantage of a federal tax credit that covers 10 percent of the home price or up to $8,000 for first-time buyers. Home sales need to be completed by the end of November for buyers to take advantage.”

At A Glance:

New home sales in June increased 11 percent

Sales bump: U.S. sales of new homes accelerated in June by the fastest pace in more than eight years.

The numbers: Sales climbed 11 percent in June to a seasonally adjusted annual rate of 384,000 from an upwardly revised May rate of 364,000.

The trend: The increase comes as more homebuyers rushed to take advantage of falling home prices, low interest rates and a federal tax credit of up to $8,000 for first-time homebuyers.

Hot spots: Sales were strongest in the Midwest, where they jumped 43 perecent from May’s total. Sales declined only in the South.