Sales of new single family homes took an unexpected turn Tuesday, when data released showed the rate rose to the highest it has been in seven years. According to data released by the U.S. Census Bureau and HUD, February sales are up nearly 25 percent compared to sales from that month last year. Sales for February 2014 were at a seasonally adjusted annual rate of 539,000. This is 7.8 percent above the January rate of 500,000. The report brings positive news to what some might say has been a lackluster start for housing in 2015.
The Northeast saw the largest increase in both month-over-month and year-over-year figures with improved weather conditions. The region had an 84 percent increase in sales from February 2014 and a massive 152.9 percent increase from January 2015 to February 2015. The West also saw a large increase in year-over-year rates, but had a 6 percent decrease in sales from January 2015. The South showed gains in both monthly and yearly figures, while the Midwest saw a 3.6 percent decline year-over-year and a 12.9 percent decline month-over-month.
A Georgia senator has introduced amendments to the Senate’s 2015 Budget Resolution regarding what he calls the “reckless” Consumer Financial Protection Bureau. United States Senator David Perdue said the budget amendments would “provide critical congressional oversight” toward the CFPB, which he claims is a rogue agency. The senator’s proposed budget amendment would make the CFPB subject to the congressional appropriations process because currently the CFPB operates under the Federal Reserve.