Pending home sales dip 0.7% in October
Source: http://blogs.moneyandmarkets.com/blog/interest-rate-roundup/0/0/pending-home-sales-dip-07-in-october-Posted on Tuesday, December 9th, 2008 | In Economics
PThe National Association of Realtors released its report on October pending home sales today. Here’s what the figures showed:brbr* Pending home sales dipped 0.7% in October. That was better than the 3% decline that economists were expecting. September’s reading was revised to -4.3% from -4.6%.brbr* The pending home sales index, at 88.9, was down 1% from its year-earlier reading of 89.8. The cycle low was 83 in March.brbr* Geographically, pendings rose 0.6% in the Northeast and 7.8% in the South. But they declined 4.3% in the Midwest and 8.7% in the West.brbrIt was a bit of a mixed bag for pending sales in October. Pendings rose in two regions, but fell in two others. That resulted in a net decline, but one that was smaller than forecast.brbrConditions appear mixed in the near term. The Treasury and the Fed are doing all they can to drive down mortgage rates, and they have had some success. Lower prices in some of the hardest hit markets, and almost irresistible bargains on distressed properties, are also bringing some buyers out of the woodwork. On the other hand, the economy continues to struggle and unemployment continues to rise. I expect sales to remain choppy as these opposing forces duke it out./P
Last 5 posts by Mike Larson
- Tightening Begins Overseas; Here? Not So Much … - October 9th, 2009
- Sayonara Treasury Bubble! - May 1st, 2009
- Straight talk on the Obama mortgage plan - February 20th, 2009
- Construction spending down, but not out ... yet - January 5th, 2009
- Early results show dismal holiday retail sales - December 26th, 2008
 About Mike Larson (http://blogs.moneyandmarkets.com/blog/interest-rate-roundup)
Mike Larson joined the company in 2001, and has more than 10 years of experience researching and writing about personal finance, investing, and the housing and mortgage industry. In 2003, Mr. Larson was named associate editor of the company’s monthly Safe Money Report. In this role, he is responsible for writing and editing as well as analyzing trading opportunities for clients. Mr. Larson is also a regular contributor to the company’s daily e-letter, Money and Markets and editor of three of its premium trading services. Before joining Weiss Research, Mr. Larson was a personal finance reporter for Bankrate.com, where he wrote extensively on mortgage lending, banking, residential real estate, and Federal Reserve Board policy. His responsibilities included analyzing economic data and interest rate trends for a weekly column and developing rate forecasts for a regular index feature. Previously, Mr. Larson held positions at Bloomberg News and the Boston Herald. Recognized as an interest rate and mortgage market expert, Mr. Larson’s views have been quoted in numerous publications nationwide, including the Washington Post, Chicago Tribune, Dow Jones Newswires, Associated Press, Reuters, CNNMoney.com, Sun-Sentinel, Tampa Tribune and the Palm Beach Post. His in-depth analysis of the housing and mortgage market and accurate forecast of the subprime crisis has lead to frequent appearances on CNBC, CNN, Fox Business News, and Bloomberg Television, as well as many nationally syndicated radio shows. Mr. Larson’s understanding of the U.S. real estate market has also been recognized overseas, having recently been featured in a documentary on the subject produced by a Barcelona-based television station. In addition, his writing has been acknowledged by both the National Association of Real Estate Editors and the Massachusetts Press Association. Among the first analysts to call the housing slide, Mr. Larson’s policy paper, “How Federal Regulators, Lenders and Wall Street Created America’s Housing Crisis: Nine Proposals for a Long-Term Recovery,” received broad media coverage following its July 2007 submission to the Federal Reserve and FDIC. In the paper, Mr. Larson accurately predicted the long-term impact of the deepening subprime mortgage crisis on the broader economy that the nation faces today. Mr. Larson holds B.A. and B.S. degrees from Boston University. |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.