[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

'Angel particle' discovery called milestone

Top 10 Chinese tech and engineering marvels

During Abbas's visit, China proposes peace through development in Middle East

After protests over Satanic monument, city removes all religious symbols from memorial

Conservative Anglicans are close to despair. Is the C of E about to split?

Hungary's leader: EU and Soros seek to "Muslimize" Europe

911- Flight 175 Was Not A Commercial Aircraft

Wall Street Journal writer Joseph Rago found dead in his apartment (34 years old)

WATCH: Cop Kills Unarmed Man for Walking Toward Him – Gets Job Back & Immunity

Veterans Turn To Marijuana To Ditch ‘Cocktail Of Drugs’ From The VA

Professor Rages "My University Treated Me Like A Criminal Over A Joke"

Did Elon Musk just confirm that the moon landings were faked?

New Hampshire Decriminalizes Simple Marijuana Possession, Foundation to Nullify Federal Prohibition

Anthony Scaramucci Expected to Be Named White House Communications Director

White House Press Secretary Sean Spicer Resigns After Trump Shakeup

First of Its Kind ‘Food Sovereignty’ Law Just Legalized Local Food Trade WITHOUT Govt

“I’ve Done A Bad Thing” 5-year-old Girl Bursts into Tears As Cops Fine Her for Lemonade Stand

Police Devise New Revenue Scam by Citing People Who Forget to Press Crosswalk Button

Billionaire GOP donor calls President Trump 'an abortion of a human being'

Here’s Who Will Lament — and Celebrate — the Plummeting U.S. Birth Rate

In Landmark Move, GOP Congress Calls Climate Change ‘Direct Threat’ to Security

John McCain Is a National Treasure

Second Monumental Arch of Titus

‘Oh, he just died’: Teens mock drowning man in disturbing video

Body Camera Video In Minneapolis Dog Shooting Released

The good people that Vic talks about needing welfare

Michigan Man Told To “Give Up Some Of Your Constitutional Rights” In Exchange For Adopting Grandson

Court Rules That Employees Can’t Be Fired For Medical Marijuana

Court Says Gov't Has To Do More Than Say It Doesn't Believe The Property Owners If It Wants To Keep The Cash It Seized

Megyn Kelly’s Bad News Just Keeps On Coming. She’s Screwed.

US Lawmakers Seek to Throw Citizens in Prison for Decades if They Boycott Israel

Police Claim Damond ‘Ambushed’ Cops-Unarmed in Pajamas-Family Blasts it as ‘Disinformation’

DUI-E Law Now Makes It Illegal to Text, Smoke and Even Eat While Driving

Taking Care of a Friend’s Dog For The Weekend? Better Have a License, NYC Says

DOJ Boss Promises The Return Of Everything That Didn't Work During The Last 40 Years Of Drug Warring

Orthodox Patriarch of Moscow - West is making a mistake

Breaking: O.J. Simpson granted parole

Antifa Leader Arrested in California for June 2016 Sacramento Riot

Bad Leadership 101: Toronto Man Builds Stairway for $550 Instead of $65,000 -- and the City Blocks It

This Poconos Property Manager Helped My Family Keep Our Vacation Home—Until Pennsylvania Shut Her Down

Jeff Sessions Marijuana Obsession vs Trump’s Pledge

Storage Cubby “Criminals”

John McCain diagnosed with Brain Cancer

Big Military Spending Boost Threatens Our Economy and Security

Girl at lemonade stand threatened by a man who said he'd call police for lack of a business license (misterwhite or Gatlin?)

Former Speaker of the House Let Out of Prison Early After Raping Children

Innocent Man Freed After Cop Seen on Own Body Cam Planting Drugs to Frame Him

Jilted Dentist Calls CPS on Mom

Why Did the IRS Seize this Wedding Boutique and Sell Everything for Next to Nothing?

His parents said he just needed to sleep. A SWAT team came instead


Status: Not Logged In; Sign In

Business
See other Business Articles

Title: Pending Sales of U.S. Existing Homes Increased 4.1% in March
Source: Bloomberg
URL Source: http://www.bloomberg.com/news/2012- ... es-increased-4-1-in-march.html
Published: Apr 26, 2012
Author: Lorraine Woellert
Post Date: 2012-04-26 11:57:08 by Brian S
Keywords: None
Views: 286

Signed contracts to buy U.S. homes rose more than forecast in March as low interest rates drew buyers back into the market.

The index of pending home purchases rose 4.1 percent to 101.4, the highest level since April 2010, after a 0.4 percent gain in February that was revised from a previously estimated 0.5 percent drop, the National Association of Realtors reported today in Washington. The median forecast of 43 economists surveyed by Bloomberg News called for a 1 percent rise in the measure, which tracks contracts on previously owned homes.

An improved labor market and mortgage rates near historic lows are helping to stabilize housing. At the same time, the industry remains the economy’s weakest link, depressed by the threat of more foreclosures, stricter lending standards, and lower property values.

“It’s good news,” said Sean Incremona, senior economist at 4Cast Inc. in New York. “It does suggest that improvement in the housing market is continuing.”

Estimates for March pending sales ranged from a drop of 3.7 percent to an increase of 4 percent in the Bloomberg survey.

Stocks climbed after the figure, with the Standard & Poor’s 500 Index rising 0.1 percent to 1,392.57 at 11:33 a.m. in New York. The S&P Supercomposite Homebuilders (S15HOME) Index increased 2.1 percent. PulteGroup Inc. rallied 5.1 percent after the homebuilder’s loss was less than forecast. Leading Indicator

Pending home sales are considered a leading indicator of progress in real estate because they track contract signings. Purchases of existing homes are tabulated when a contract closes, typically a month or two later, and made up about 93 percent of the housing market last year.

Compared with a year earlier, March pending home sales climbed 10.8 percent after a 14.9 percent surge in February.

Two of four regions saw an increase in pending home sales from the prior month, led by an 8.7 percent jump in the West, today’s report showed, while the South posted a 5.9 percent gain.

Housing is showing uneven signs of progress. This week, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, reported a February increase in home prices, up 0.4 percent from a year earlier, the first annual gain since July 2007. Home Prices

The S&P/Case-Shiller index of property values fell 3.5 percent for the year ended in February.

Sales of previously owned houses in March fell for the third time in four months, from a 4.6 million annual rate to 4.48 million, the National Association of Realtors reported earlier this month.

Demand for new homes also dipped in March. Homes sold at a 328,000 annual rate, down from an upwardly revised 353,000 in February, which was the highest in almost two years, the Commerce Department reported.

To hold down borrowing costs, Federal Reserve policy makers say they will continue to swap $400 billion in short-term securities with long-term debt to lengthen the average maturity of the central bank’s holdings, a move dubbed Operation Twist. ‘Depressed’

“Despite some signs of improvement, the housing sector remains depressed,” Federal Reserve officials said in a policy statement yesterday.

Underlying the uneven housing numbers is an overall improvement in consumer confidence, said Farooq Kathwari, chief executive officer of Ethan Allen Interiors Inc. (ETH)

“I would go mad, crazy,” looking at housing data every day, Kathwari said in an April 24 earnings call. “So I don’t look at them every day because I’ve got to plan three, six months, a year from now,”

The home furnishings company, based in Danbury, Connecticut, reported an 8 percent year-over-year increase in net sales for the quarter ended March 31, to $175.9 million. “Three, four years back we decided to build a 240,000 square foot plant in Mexico. If we had not done it, we would not be able to deliver the products we have,” Kathwari said. Subscribe to *Obamanomics On Parade*

Post Comment   Private Reply   Ignore Thread  


[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Please report web page problems, questions and comments to webmaster@libertysflame.com