Mortgage Loan Compliance | 47 Year Low For New Housing

Home Builders are struggling to compete in markets saturated with foreclosures. High unemployment and uncertainty over home prices have kept many potential buyers from making purchases. Buyers purchased the fewest number of new homes in 2010 since records dating back 47 years.

Poor sales of new homes mean fewer jobs in the construction industry, which normally pushes economic recoveries. On average, a new home built creates the equivalent of three jobs for a year and generates about $90,000 in taxes, according to the National Associated of Home Builders.

Sales for all of 2010 totaled 321,000, a drop of 14.4 percent from the 375,000 homes sold in 2009, the Commerce Department said Wednesday. It was the fifth consecutive year that sales have declined after hitting record highs for the five previous years when the housing market was booming.

Economists expect prices will keep falling through the first six months of 2011. However, they say it could be years before sales rise to a healthy rate of 600,000 units a year.

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