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Housing
Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
NAR's chief economist gives much of the credit for increased sales to the homebuyer's tax credit, which first-time homebuyers could claim to reduce their taxes by up to $8,000.
Dec 1 · 12:54:00 PM · Source: National Association of Realtors
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by Larry Etter
Unemployment
The U.S. Labor Department Wednesday reported that initial jobless claims declined to 466,000 in the week ended Nov. 21 from 501,000 a week earlier. The 4-week moving average was 496,500, a decrease of 16,500 from the previous week's revised average of 513,000.
The latest figures are the lowest since September 2008 as the economic recovery encourages companies to fire or layoff less employees.
Nov 25 · 12:40:00 PM · Source: U.S. Labor Dept.
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by Larry Etter
Housing
CNN Money is reporting that research firm First American CoreLogic reports that 23% of people with mortgages owe more than their home is worth. Almost 10.7 million U.S. mortgages were "underwater" as of September. Another 2.3 million homeowners are within 5% of negative territory, the report said. The two figures combined comprise almost 28% of all residential properties with mortgages.
This, along with continuing high unemployment, could lead to an increase in foreclosures because borrowers who owe more than their house is worth are more likely to go into foreclosure.
Nov 24 · 12:15:00 PM · Source: CNN Money
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by Rich Pike
Housing
Home prices in 20 U.S. cities rose for a fourth straight month in September, pointing to improvement in real estate that’s helping the economy emerge from recession. The S&P/Case-Shiller home-price index increased 0.27 percent from the prior month on a seasonally adjusted basis, after a 1.13 percent rise in August, the group said today in New York. The gauge fell 9.36 percent from September 2008, more than forecast, yet the smallest year-over-year decline since the end of 2007.
Nov 24 · 12:04:00 PM
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by Larry Etter
Housing
Sales of previously owned homes jumped 10.1 percent in October from September to their highest pace in more than two years, driven in part by a lucrative tax credit for first-time home buyers, according to industry data released Monday. The National Association of Realtors reported that sales of existing single family homes, townhomes and condominiums surged to a seasonally adjusted annual rate of 6.10 million units last month from a downwardly revised rate of 5.54 million in September -- the highest pace since February 2007. Sales were up 23.5 percent from the same time last year.
Nov 23 · 2:16:00 PM · Source: Washington Post
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by Larry Etter
Housing
Most states continued to experience rising existing-home sales in the third quarter, with prices moderating in many metro areas, according to the latest survey by the National Association of Realtors®. Total state existing-home sales, including single-family and condo, increased 11.4 percent to a seasonally adjusted annual rate1 of 5.30 million units in the third quarter from 4.76 million units in the second quarter, and are now 5.9 percent above the 5.01 million-unit pace in the third quarter of 2008.
Sales increased from the second quarter in 45 states and the District of Columbia; 28 states and D.C. saw double-digit gains. Year-over-year sales were higher in 32 states and D.C.
Nov 10 · 12:00:00 PM · Source: National Assn. of Realtors
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by Larry Etter
Unemployment
The unemployment rate in the U.S. jumped to 10.2 percent in October, the highest level since 1983. Payrolls fell by 190,000 last month, more than forecast by economists, a Labor Department report showed today in Washington. The jobless rate rose from 9.8 percent in September. Factory payrolls dropped by the most in four months, and the average workweek held at a record low.
The unemployment rate in the U.S. jumped to 10.2 percent in October, the highest level since 1983, casting a pall over the prospects for a sustained recovery and risking further erosion of President Barack Obama’s popularity.
Payrolls fell by 190,000 last month, more than forecast by economists, a Labor Department report showed today in Washington. The jobless rate rose from 9.8 percent in September. Factory payrolls dropped by the most in four months, and the average workweek held at a record low.
Nov 6 · 5:33:00 PM · Source: Bloomberg
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by Larry Etter
Retail Sales
Retailers posted mixed October same-store sales, with teen-focused chains posting lower-than-expected sales, as the industry gears up for the critical holiday season. Teen retailers shares slumped on the news in premarket trading.
But a handful of retailers reported better-than-expected sales, including Stage Stores Inc., Stein Mart Inc. and Wet Seal Inc. Gap Inc.'s same-store sales rose 4%, and the casual-clothing retailer said it expects fiscal third-quarter earnings above Wall Street's expectations.
Nov 5 · 10:25:00 AM · Source: Wall Street Journal
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by Larry Etter
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