Existing Home Sales Are UP 15.0% Over A Year Ago

Feb. 5th, 2010

This Is Great News!

Wednesday, New Home Sales reported inventories now at 231,000, 59.6% below their mid-2006 peak and at their lowest level since 1971, when the population was two thirds its size today.  The Case-Shiller index of home prices in the 20 biggest markets went up a seasonally-adjusted 0.2% in November.  This was the sixth month in a row the index gained and prices increased in 14 of the 20 markets.  The FHFA price index for homes bought with conforming mortgages went up 0.7% in November, its fifth advance in the last seven readings.

According to Freddie Mac's weekly Primary Mortgage Market Survey, mortgage rates inched down for the fourth week in a row.

Friday we got the terrific news that the U.S. economy grew in Q4 of last year at a 5.7% pace, the fastest GDP growth rate in six years.  Pessimistic observers seem scared to admit the economy is in fact improving, commenting that inventories accounted for a large part of Q4 growth.  In fact, final sales, which is GDP excluding inventories, are UP at an accelerating pace for three straight quarters!  The Chicago PMI, expected to decline, instead increased, showing growing strength in Midwest manufacturing.  And the employment index came in at the highest level since 2005, reporting its first positive number since 2007.

For updated information regarding our Custom Collection opportunities, please call our Sales Director, Anne Shirer, at 720-344-4303.