New-home sales elevate for third-straight month

In a fresh sign that the housing market may be on the mend, new-home sales grew in November, the third consecutive month during which more people have been buying homes.

According to the Commerce Department, sales of newly built, single-family homes increased 1.6 percent on a seasonally adjusted basis, totaling 315,000 units. The three straight months in which sales have edged up marks the fastest pace of sales since April 2011.

"While the numbers are still quite low on a historic basis, this upward trend indicates that the market is slowly finding its footing and bodes well for the months ahead," said Bob Nielsen, chairman of the National Association of Home Builders. "Our concern is that overly restrictive lending conditions for both builders and buyers will constrain this growth and postpone the arrival of a recovery in housing and the overall economy."

Because lending standards are so tight, homebuyers with bad credit may have a difficult time securing a loan. Consumers may want to consult with a credit attorney to determine the type of spending strategies they need to employ to help increase their scores.