Local new-home sales show another positive sign

The local market is growing a little less bleak for homebuilders. For the 2nd straight quarter, sales of new homes rose higher on a seasonally adjusted, annualized basis, as activity was buoyed by major price cuts & $8,000 tax credit for first-time home buyers that expires Dec. 1. The annualized sales rate fell 14 straight quarters since peaking at 35,163 in the 2nd-Q 2005. The rate now stands at just 4,164, up 13% from the 1st-Q but down 47% from 08, according to a report by Tracy Cross & Assc.