The Southland
From Times Staff and Wire Reports
New Home Sales Report: Builders across Southern California will be paying close attention to Thursday’s Commerce Department report on August new-home sales. Rising mortgage rates hurt sales throughout most of the summer, and developers are hoping for a late burst of activity before the traditional fall and winter doldrums set in. However, not all builders are optimistic that sales will rebound, and many are already canceling or delaying new projects. Last week, the Commerce Department said the number of housing projects started in August tumbled 14% in the West, where California accounts for about half of all construction activity.
