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.
"Construction Spending in the U.S. Increased in June: "Spending on infrastructure projects is likely to keep rising in coming months as state and local governments use funds from the $787 billion fiscal stimulus package. In addition, lower home prices and mortgage rates are beginning to boost sales, spurring residential construction and bringing an end to the worst housing slump in seven decades."
Reading these articles in a row provides a nice little narrative of recovery... as existing home sales pick up, new construction homes are quick to follow. Consumer confidence inspires confidence in bankers, brokers, and builders. All of these are very, very encouraging signs. Might be time to start asking us about owning a New York City home by clicking here.