More Good Economic News! Thank you President Obama for your diligence in fixing the economic mess left for you by the previous administration. Thank you for standing strong as the unpatriotic republican pundits like Limbaugh and Beck wish for your failure and destruction of our economy. Stay strong President Obama. WE THE PEOPLE support you!Bloomberg.com reports:
U.S. New Home Sales Jump 9.6%, Most in Four Years
Purchases of new homes in the U.S. jumped more than forecast in July, adding to signs that the economy is rebounding from the worst recession since the 1930s. Sales increased 9.6 percent, the most since February 2005, to a 433,000 annual pace, figures from the Commerce Department showed today in Washington. The number of houses on the market dropped to the lowest level in 16 years.
The gain in sales, together with rising purchases of existing homes and steadying prices, indicate the housing slump may be ending as Federal Reserve efforts to thaw credit and the Obama administration’s first-time homebuyer incentives lift demand. Job losses and mounting foreclosures mean any rebound in construction may be limited.
“We’re seeing a clear pickup in housing activity,” said Michael Moran, chief economist at Daiwa Securities America Inc. in New York. “The correction phase is essentially over and we expect continued improvement, though not a vigorous pickup.”
Homebuilders’ stocks surged after the report, with the Standard & Poor’s Supercomposite Homebuilding Index gaining 3.7 percent as of 10:23 a.m. in New York. The broader S&P 500 Stock Index was up 0.4 percent at 1,031.95. Benchmark 10-year Treasury yields were little changed, at 3.45 percent.
U.S. New Home Sales Jump 9.6%, Most in Four Years
Purchases of new homes in the U.S. jumped more than forecast in July, adding to signs that the economy is rebounding from the worst recession since the 1930s. Sales increased 9.6 percent, the most since February 2005, to a 433,000 annual pace, figures from the Commerce Department showed today in Washington. The number of houses on the market dropped to the lowest level in 16 years.
The gain in sales, together with rising purchases of existing homes and steadying prices, indicate the housing slump may be ending as Federal Reserve efforts to thaw credit and the Obama administration’s first-time homebuyer incentives lift demand. Job losses and mounting foreclosures mean any rebound in construction may be limited.
“We’re seeing a clear pickup in housing activity,” said Michael Moran, chief economist at Daiwa Securities America Inc. in New York. “The correction phase is essentially over and we expect continued improvement, though not a vigorous pickup.”Homebuilders’ stocks surged after the report, with the Standard & Poor’s Supercomposite Homebuilding Index gaining 3.7 percent as of 10:23 a.m. in New York. The broader S&P 500 Stock Index was up 0.4 percent at 1,031.95. Benchmark 10-year Treasury yields were little changed, at 3.45 percent.
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1 comment:
My kids wanted me to do the cash for clunkers but I didn't want to give up my clunker. I think it still has a few good miles left on it maybe a year.
Anyway I am very glad that President Obama is doing a very good job with our economy. I think he is doing a good job. He is good for America and good for our economy.
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