New Homes Sale Biggest Monthly Jump in 47 Years, Thanks to the $8000..

New home sales rose 27 percent in March, bouncing off February's record low.

The rise in new home sales was seen nationwide. Sales grew a whopping 44 percent in the South and 36 percent in the Northeast. They also rose about 6 percent in the West and 3 percent in the Midwest.

Major homebuilders like Lennar, Hovnanian and MDC. are aggressively promoting countdowns to April 30 or "last chance" sales on their websites.

Still, new home sales are down 70 percent from their peak in July 2005, and some analysts predict they will sink back to the winter's dismal levels after the tax credit runs out.