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Sales of new U.S. single-family homes dropped to a six-month low in May as a jump in mortgage rates weighed on demand, offering more evidence that the housing market recovery was faltering. But ...
Single-family housing starts, which account for the bulk of homebuilding, plunged 6.9% to a seasonally adjusted annual rate of 970,000 units last month, the Commerce Department's Census Bureau said.
Because new home sales trigger consumption, they have significant market impact upon release. New home sales also serve as a good indicator of economic turning points due to their consumer income sensitivity. Generally, when economic conditions slow down, new home sales serve as an early indicator of such a depression. [citation needed]
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A starter home or starter house is a house that is usually the first which a person or family can afford to purchase, often using a combination of savings and mortgage financing. In the real estate industry the term commonly denotes small one- or two-bedroom houses, often older homes but sometimes low-cost new developments.
Pensmore is a 72,000 square feet (6,700 m 2) home in the Ozark Mountains near Highlandville, Missouri.One of the largest homes in the United States, it has five stories, contains 14 baths, 13 bedrooms; has exterior walls 12 inches thick, and was designed to survive earthquakes, tornadoes, and bomb blasts.
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