New Home Sales Reverse Course; Rates Improve After Fed; IRS Slams Door on Tax Dodge

New Home Sales Reverse Course; Rates Improve After Fed; IRS Slams Door on Tax Dodge

New Home Sales posted a month-over-month increase for the first time since May according to Wednesday's report from the U.S. Census Bureau and the Department of Housing and Urban Development. Sales in August rose 3.5 percent to a seasonally adjusted annual rate of 629,000 from a revised rate of 608,000 in July. July's revision takes a little of the bloom off of the August report as July sales were originally reported at a rate of 627,000 units, already a 1.7 percent monthly loss. The August estimate however is a substantial 12.7 percent upgrade from last August's rate of 558,000 units. Econoday noted, prior to the report release, that new home sales had failed to meet the consensus estimate of its panel of analysts for two months, and by a substantial degree. It missed again this month but