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US economy showing momentum : Swingers Discussion 208834
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TOPIC: US economy showing momentum
Created by: Nkenswing
Original Starting post for this thread:
WASHINGTON (AP) - A jump in sales of previously occupied homes and further gains in home construction suggest the U.S. housing recovery is gaining momentum.

Sales of previously occupied homes rose 7.8 percent in August from July to a seasonally adjusted annual rate of 4.82 million, the National Association of Realtors said Wednesday. That's the highest level since May 2010, when sales were aided by a federal home-buying tax credit.

At the same time, builders broke ground on 2.3 percent more homes and apartments in August than July. The Commerce Department said the annual rate of construction rose to a seasonally adjusted 750,000. The increase was driven the best rate of single-family home construction since April 2010.

The pair of reports comes amid other signs of steady progress in the housing market after years of stagnation. New-home sales are up, builder confidence is at its highest level in more than six years and increases in home prices appear to be sustainable.

"The U.S. housing recovery is for real," said Sal Guatieri, an economist at BMO Capital Markets, in a note to clients. "Great affordability, pent-up demand and strong investor interest in rental units are driving the market."

The broader economy is also likely to benefit. When home prices rise, Americans typically feel wealthier and spend more. Consumer spending drives 70 percent of the economic growth.

And the Federal Reserve's plan to spend $40 billion a month on mortgage-backed securities to keep mortgage rates low "can only help," Guatieri added.

Still, home sales and housing starts are rising from depressed levels. Sales of previously occupied homes remain below the more than 5.5 million that economists consider consistent with a healthy market.

The number of first-time homebuyers, who are critical to a housing rebound, slipped to 31 percent from 34 percent. In a typical market, that figure is usually closer to 40 percent. Strict credit standards are making it harder for many first-time buyers to qualify for mortgages.

More Americans appear to be taking advantage of near-record low mortgage rates and prices that are, on average, much lower than they were six years ago.

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Could be other states are showing gains because of the amount of people moving out of CA. Two more companies have announced they are leaving CA's anti business/taxation climate. COMCAST is moving it's three call centers to other stated and Cambell Soup is shutting down a huge soup processing plant. All told a couple of thousand jobs are leaving CA.

Tulare CA
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WASHINGTON (AP) - A jump in sales of previously occupied homes and further gains in home construction suggest the U.S. housing recovery is gaining momentum.

Sales of previously occupied homes rose 7.8 percent in August from July to a seasonally adjusted annual rate of 4.82 million, the National Association of Realtors said Wednesday. That's the highest level since May 2010, when sales were aided by a federal home-buying tax credit.

At the same time, builders broke ground on 2.3 percent more homes and apartments in August than July. The Commerce Department said the annual rate of construction rose to a seasonally adjusted 750,000. The increase was driven the best rate of single-family home construction since April 2010.

The pair of reports comes amid other signs of steady progress in the housing market after years of stagnation. New-home sales are up, builder confidence is at its highest level in more than six years and increases in home prices appear to be sustainable.

"The U.S. housing recovery is for real," said Sal Guatieri, an economist at BMO Capital Markets, in a note to clients. "Great affordability, pent-up demand and strong investor interest in rental units are driving the market."

The broader economy is also likely to benefit. When home prices rise, Americans typically feel wealthier and spend more. Consumer spending drives 70 percent of the economic growth.

And the Federal Reserve's plan to spend $40 billion a month on mortgage-backed securities to keep mortgage rates low "can only help," Guatieri added.

Still, home sales and housing starts are rising from depressed levels. Sales of previously occupied homes remain below the more than 5.5 million that economists consider consistent with a healthy market.

The number of first-time homebuyers, who are critical to a housing rebound, slipped to 31 percent from 34 percent. In a typical market, that figure is usually closer to 40 percent. Strict credit standards are making it harder for many first-time buyers to qualify for mortgages.

More Americans appear to be taking advantage of near-record low mortgage rates and prices that are, on average, much lower than they were six years ago.

Pittsburgh PA
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TOPIC: US economy showing momentum