Are Second Home Sales Responsible for Latest Surge?
Surprise -- maybe. "The Commerce Department reported that sales of new single-family homes shot up by 13 percent last month, the biggest one-month gain in more than 12 years. The increase in home sales confounded analysts who had been predicting that new home sales would decline by 1.8 percent, reflecting continued increases in mortgage rates," according to the AP. Hello? What percentage of those new homes were second homes?