Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The volume of home re-sales has been on the upswing for four consecutive months.
(CNNMoney.com) -- Sales of existing homes rose in July for the fourth consecutive month, lending support to economists who argue a recovery is near.
Sales of previously owned single-family homes were up 7.2% compared with June and 5% from July 2008, The National Association of Realtors (NAR) reported Friday. The monthly gain was the largest on record for existing-home sales, which NAR has tracked since 1999.
Yet another sign that - in spite of lingering problems - the housing market - like the economy as a whole - is turning around and recovery is on the way.
I've been saying that for months - and riding a record spike on Wall Street, and all the while the naysayers have been proven wrong time after time (and missing out on investment opportunities in the process).
Well Bernake et al said this recession is over and recovery is underway.
Numbers like this are the REASON he's able to accurately make those kinds of statements. It's not JUST the housing market that's stablized and is turning around - the number of monthly layoffs is dropping rapidly (down half a million from it's peak back in January) and in fact the Index of Leading Economic Indicators (LEI - a whole collection of indicators) has been pointing upward for months now (indicating a recovery well on the way).
The Obamabashers may not want to face that or admit it, but it's the truth - and as time goes it will become increasingly obvious that's what's happening.
Bernanke's skill will be tested to the max as he tries to contain inflation while not stifling the recovery. Raise the interest rates, fewer people buy and borrow. Keep the interest rates low, watch out for inflation. I don't think that any thinking person ever disputed that we would recover from this recession. How to manage inflation while promoting growth is the next big crisis.
Numbers like this are the REASON he's able to accurately make those kinds of statements. It's not JUST the housing market that's stablized and is turning around - the number of monthly layoffs is dropping rapidly (down half a million from it's peak back in January) and in fact the Index of Leading Economic Indicators (LEI - a whole collection of indicators) has been pointing upward for months now (indicating a recovery well on the way).
The Obamabashers may not want to face that or admit it, but it's the truth - and as time goes it will become increasingly obvious that's what's happening.
Ken
They better keep that home buyer tax credit around. If they pull that back I can see the sales slumping again.
Bernanke's skill will be tested to the max as he tries to contain inflation while not stifling the recovery. Raise the interest rates, fewer people buy and borrow. Keep the interest rates low, watch out for inflation. I don't think that any thinking person ever disputed that we would recover from this recession. How to manage inflation while promoting growth is the next big crisis.
I agree with you - though I think it's pretty clear that a LOT of posters on this board do not appear to be "thinking persons" - since so many are so convinced this is an economic doomsday.
Pretty ignorant and silly those folks are (in my opinion) - and day by day the facts are simply proving them wrong.
I tend to agree about housing. There is too much shaky data right now.
Foreclosures are making up 25% of the sales. So if you take say 75% of those away (which would equal normal times in the housing market) home sales are dismal. Also the tax credit is about to expire. august will probably be the last month of increased home sales. The credit expires if you do not close before Dec 1. It typically takes 30-60 days from time of sale to closing.
The sign is good but I am skeptical the increase in economic activity will last.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
