US home Sales back in Business

Its been a good month for the people in US who are the worst hit developed nation thanking the recession. The good part is that US members are beginning to buy new home as reported in BBC.

When compared the rate of new houses purchase this july with last july,  sales accounts of last year shows that there was 46 % drop in purchase of new home.The  Construction of building new house in US rose to 4.6  from may to june, official reports to BBC.

The number of single family homes being built jumped 14.4% in June, the biggest jump in over four years.

William O’Donnell, head treasury strategist at RBS Securities, argued that: “This is another piece of data for those seeing the recession ending soon.”

“But housing starts are still within the range of the past six months and the completion rate is still down,” he said.