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New home sales in South Carolina, nationwide continue to increase

After the housing market crashed residents in South Carolina and everywhere else across the country began to wonder about their homeownership future. Many homeowners who dreamed of building a new house were stuck in one that was too small for their growing families and worth less than they owed on the mortgage. New residential development almost came to a standstill in many areas, but a new Bloomberg report shows that there may be hope.

According to the report, more people are buying residential property and building new homes. In fact, there were more new homes sold across the United States in November than in the past seven months.

Single-family property purchases rose by 1.6 percent. While 1.6 percent may not seem like a huge increase, when you are talking about home sales, the number is quite large. A 1.6 percent increases measures out to be about 315,000 new homes sold on an annual basis.

"All of the housing numbers have looked a lot better recently," said an economist from North Carolina. "Things aren't getting any worse now and that's an improvement." The increase in new home sales is a positive sign that the housing market may continue to improve and stabilize, allowing more South Carolina residents to build a purchase their dream home.

Residential real property purchases can be complicated without the right help. Working with a real estate attorney is a way to ensure that no steps in the process are missed. The attorney can help with negotiations, drafting and even obtaining a mortgage to help purchase a new home with the least amount of stress possible.

Source: Bloomberg Businessweek, "Sales of U.S. New Homes in November Rise to 315,000 Rate," Timothy R. Homan, Dec. 23, 2011

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