American Land Title Association
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Industry News

New home sales hit soft spot

March 27, 2003

Fall 8.1% in February after sharp decline in January

Inman News Features

Sales of new single-family homes fell again last month, after a 15.1 percent plunge in January, suggesting that a cool-off period in the hot housing market has set in.

New home sales were down 8.1 percent in February to a seasonally adjusted annual rate of 854,000 from January's revised rate of 929,000, according to estimates released today by the Commerce Department.

Last month's sales rates was also down 8.9 percent from the estimated rate of 937,000 recorded during the same month a year ago

National Association of Home Builders President Kent Conine said the decline in home sales came as no surprise. "With bad weather added to uncertainties about the economy and the war in Iraq, consumers were understandably more cautious about buying homes in February. But both of those factors are only temporary, and we expect to make up for the recent slippage in sales later this year," he said.

The Commerce Department reported the median sales price of new homes sold in February was $188,000, while the average sales price was $235,000.

At the end of the month, the seasonally adjusted estimate of new homes for sale was 352,000, representing a five-month supply at the current sales rate.

The new-home sales report follows the National Association of Realtors data released Tuesday that showed a 4.3 percent drop in existing, single-family home sales to a seasonally adjusted annual rate of 5.84 million units.

Copyright Inman News Service

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2015 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment