Sales of Existing U.S. Homes Probably Climbed in July:

Purchases rose 2.1 percent to a 5 million annual rate, according to the median forecast of 64 economists in a Bloomberg News survey. It would be the fourth consecutive gain, capping the longest stretch of increases since 2004.

Three items posted yesterday at Bloomberg:

Pending Sales of Existing Homes in U.S. Surge 3.6%: "'It’s a modest recovery, however these numbers are exceeding people’s expectations,' said David Sloan, senior economist at 4Cast Inc. in New York, one of three forecasters who shared the highest projection in a Bloomberg News survey."

Pending Home Resales in U.S. Probably Rose for a Fifth Month: "Homebuilder stocks have climbed over the last month amid evidence that demand is settling at low levels or picking up. The Standard & Poor’s Supercomposite Homebuilding Index rose 22 percent in July and closed yesterday at 261.28, the highest level since May 4.

In the week ending July 3, mortgage rates rose 10.9%, more than making up for the feeble previous week. More details (and more encouraging figures) here: Mortgage applications rebound.

Demand for mortgages to buy homes and refinance loans bounced from seven-month lows last week, with average 30-year borrowing rates unchanged, the Mortgage Bankers Association said on Wednesday. The industry group's total loan applications index rose a seasonally adjusted 10.9% to 493.1 in the week ended July 3, after slumping the prior week to the lowest level since November.

Well, why not start off with just plain all-around good news. According to Bloomberg:

Consumer spending in the U.S. probably rose in May for the first time in three months and home sales increased as Americans became more confident the recession will end this year.

So that's the feeling in the air across the country. What about our part of the world? Yep, it gets better. In fact, CNBC says Northeastern U.S. home sales rose almost 4 percent in May. Huge!

Take a look at this report on recent Manhattan apartment sales, based on samples below 96th Street and excluding new developments. Lots of good news for anyone who deals with New York real estate... According to this data sample, neighborhoods on the sales rebound include Clinton, the Upper East Side, and the Upper West Side. The Lower East Side and West Village are among the hottest, with units selling quicker and quicker by the month. Also, good news for prospective buyers: prices are even friendlier than they've been in a long time. But there are certainly signs that prices are starting to level out, making this a fine time to consider investing. Have a look at the report, and let us know what you think about where Manhattan real estate is headed.