jburkeson1
October 21, 2014, 3:57pm
1
Some good news for most everyone, hope the trend continues…
Existing Home Sales Hit One-Year High in September
U.S. home resales jumped to their highest level in a year in September, the latest indication that the housing market recovery is gradually getting back on track.
The National Association of Realtors said on Tuesday existing home sales rose 2.4 percent to an annual rate of 5.17 million units, the strongest reading since September of last year.
Economists polled by Reuters had forecast sales rising to a 5.10 million unit pace last month from August’s 5.05 million unit pace. Sales, however, were down 1.7 percent compared to September of last year.
Data last week showed a rebound in home building in September. Housing is slowly regaining its footing after activity stalled in the second half of 2013 in the aftermath of a run-up in mortgage rates.
U.S. stocks were trading higher, with the PHLX housing sector index <.HGX> up more than 1 percent. Prices for U.S. Treasury debt fell, while the dollar rose against a basket of currencies.
The housing sector, however, continues to be hobbled by sluggish wage growth, which has lagged an acceleration in house prices. That has sidelined first-time buyers, a critical component for a sustainable housing market recovery.
mlarson
October 21, 2014, 4:24pm
3
Well what do you expect with historically low and artificial interest rates and loosening lending standards?
Will TPTB ever learn?
This will not end well because it can’t.
mboyett
October 21, 2014, 4:49pm
4
The housing sector, however, continues to be hobbled by sluggish wage growth, which has lagged an acceleration in house prices. That has sidelined first-time buyers, a critical component for a sustainable housing market recovery.
gromicko:
Nice.
Seems like the “nice” part is counter-balanced by a “not so nice” part to me.
gfarnsworth
October 21, 2014, 7:56pm
6
Those figures will be revised in a month or two, or after the elections. Most of those sales listed are for investors, sales from bank to bank, or other forms of “home sales”. IMO, they take the areas that have higher sales, and average them. The states/areas that sales decrease, they do not get figured into the equation. Remember, anyone can say anything at any time, and publish any figure they want. It does not mean it’s true.
kleonard
October 21, 2014, 8:24pm
7
Still doing great in the Cincinnati market.
