Another day, another source, similar news !!! Purchases of new homes in the U.S. rose in May by the most in 22 years,
indicating the industry is rebounding from a winter-induced lull at the
start of the year.Sales increased 18.6 percent, the biggest one-month gain since
January 1992, to a 504,000 annualized pace, figures from the Commerce
Department showed today in Washington. The reading exceeded all
forecasts in a Bloomberg survey of 74 economists and was the strongest
since May 2008.
Today’s report, following data yesterday that
showed a pickup in existing home sales, shows housing is gathering
momentum as employment improves and borrowing costs stabilize. Builders
such as Hovnanian Enterprises Inc. are optimistic the recovery is on
track after harsh weather in early 2014 hurt demand.
“Housing is
beginning to revive,” said Stephanie Karol, an economist at IHS Global
Insight, the top forecaster of new home sales in the past two years,
according to data compiled by Bloomberg. “It’s a step in the right
direction. The job market is helping, and there was an expansion of
supply the past couple of months.”
The job market directly helps push the housing market up ... and we also predict that the uncertainty in the global crude oil prices (reaching high levels due to the Iraq crises) will help propel transportation costs of goods manufactured in China so high that it would make them more attractive to be manufactured in the US itself. That could help the economy considerably.
Peoples Privo Processing supports the American dream by helping lenders and brokers close loans faster. (www.peoplesprocessing.com)
No comments:
Post a Comment