Friday, May 24 2013 10:55 PM EDT2013-05-25 02:55:46 GMT
Not going out of town for Memorial Day? Don't worry, the Albany Panthers want to make sure you have a good weekend as they host their first ever beer fest. You can sample more than 20 types of beer SaturdayMore >>
Not going out of town for Memorial Day? Don't worry, the Albany Panthers want to make sure you have a good weekend as they host their first ever beer fest.More >>
Friday, May 24 2013 10:50 PM EDT2013-05-25 02:50:57 GMT
The family of a Miller County woman is mourning tonight after GBI investigators say the 58 year old was murdered by her husband, before he took his own life. Now the family of Barbara Bass is speakingMore >>
The family of a Miller County woman is mourning tonight after GBI investigators say the 58 year old was murdered by her husband, before he took his own life.More >>
Friday, May 24 2013 6:38 PM EDT2013-05-24 22:38:36 GMT
Dougherty County Police Officer issues seat belt citation
The Memorial Day Holiday weekend is here, and Dougherty county police are gearing up for a busy weekend. They'll be keeping a close eye on the roads, and are asking motorists to stay safe. Police saidMore >>
The Memorial Day Holiday weekend is here, and Dougherty county police are gearing up for a busy weekend. They'll be keeping a close eye on the roads, and are asking motorists to stay safe.More >>
Friday, May 24 2013 6:25 PM EDT2013-05-24 22:25:44 GMT
The Albany Dougherty County Post of the American Legion will be on the lawn of the Albany Mall Saturday morning at 8:00 to erect 122 white crosses. They are there to represent the men and women fromMore >>
The Albany Dougherty County Post of the American Legion will be on the lawn of the Albany Mall Saturday morning at 8:00 to erect 122 white crosses.More >>
Friday, May 24 2013 6:21 PM EDT2013-05-24 22:21:31 GMT
A huge truck load of peanut butter is headed to Oklahoma tornado victims. Friday afternoon, 31,680 jars of it were loaded onto a truck at Lineage Logistics in Albany. The 22 pallets of peanut butterMore >>
Friday afternoon, 31,680 jars of it were loaded onto a truck at Lineage Logistics in Albany.More >>
By CHRISTOPHER S. RUGABER AP Economics Writer
WASHINGTON (AP) - U.S. sales of new homes jumped last month to the highest level in more than two years, further evidence of a sustained housing recovery that could help lift the lackluster economy.
The Commerce Department said Wednesday that new home sales rose 5.7 percent in September to a seasonally adjusted 389,000. That's up from 368,000 in August and the highest level since April 2010, when a federal homebuyer tax credit inflated sales.
Sales have risen 27.1 percent in the past year. That's the strongest yearly gain since February, although sales are still well below healthy levels.
The figures do suggest that the housing recovery is strengthening. The increase follows other reports that show home prices are rising more consistently, builders are starting to build more homes and sales of previously occupied homes have increased in the past year. Faster construction could help boost economic growth and hiring. And it could also encourage more people to put their homes on the market.
For now, rising sales are keeping inventories low. There were 145,000 new homes for sale at the end of September, near the record low of 143,000.
Builders are taking steps to change that. In September, they broke ground on single-family homes and apartments at the fastest pace in more than four years. And they requested the most building permits in four years, a sign that many are confident that the gains in home sales will endure.
Builders are more optimistic because they are seeing more prospective buyers visit properties. The National Association of Home Builders/Wells Fargo builder sentiment index rose this month to the highest level in more than six years.
Home sales have also been bolstered by the lowest mortgages rates in decades. The average rate on the 30-year fixed mortgage has been below 4 percent all year. And the Federal Reserve's aggressive policies could push mortgage rate down even further.
There are still factors dragging on a housing recovery. Many Americans, particularly first-time homebuyers, are unable to qualify for a mortgage or can't afford larger down payments.
Though new homes represent only a small portion of the housing market, they have a disproportionate impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to statistics from the National Association of Home Builders.
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