Brian Rhonemus, CEO of Sanford Rose Associates® – Rhonemus Group, Featured in GuruFocus, New Home Sales Highest in a Decade
By: David Goodloe
In the wake of Hurricanes Harvey and Irma, economists were not optimistic about new home sales in September. A Reuters survey indicated economists expected new home sales to drop from 561,000 in August (an eight-month low) to 555,000 in September.
Instead, new home sales skyrocketed to a 10-year high. The Commerce Department reported Wednesday that new home sales jumped 18.9% (the sharpest monthly increase since 1992) in September to a seasonally adjusted annual rate of 667,000.
Brian Rhonemus of Sanford Rose Associates-Rhonemus Group said, “The housing report supports our clients’ optimistic view on the need to add more resources to close home construction loans. In the past mortgage companies and mortgage banks have been reluctant to retain – pay up front – for searches to support their home lending operations. That is not the case in today’s mortgage environment. We have several new clients financially committed to our search process. In Columbus, Ohio, we just completed a search with a $2.3 billion bank for an assistant construction team leader. This same client committed to three new positions in Michigan and Ohio to help build bench strength in this same team. Our mortgage practice leader, Irvin White, has his hands full with new mortgage sales and mortgage operations work to support the demand. This demand will drive home values up for existing inventory and could create changes to corporate relocation programs.”
Read More: https://www.gurufocus.com/news/584493/new-home-sales-highest-in-a-decade