Home sales in the US probably climbed in January, 2012 to the highest level since May 2010.
It adding to evidence the housing market is regaining its footing. Combined purchases of new and old existing houses rose to a 49.7 lakh annual rate from 49.2 lakh in December, 2011.
Claims for jobless benefits held near the lowest level since 2008, bolstering consumer confidence, other reports may show.
A strengthening job market, combined with record affordability driven by the drop in home prices and mortgage rates, will probably keep underpinning demand. Nonetheless, the Federal Reserve & Obama administration are striving to find ways to lend the industry additional assistance amid concern that mounting foreclosures will continue to hinder the recovery.
Mr. Yelena Shulyatyeva, Economist, BNP Paribas in New York said, ''Home sales have bottomed, and from here on, we should see a moderate pickup”
Src: Bloomberg
It adding to evidence the housing market is regaining its footing. Combined purchases of new and old existing houses rose to a 49.7 lakh annual rate from 49.2 lakh in December, 2011.
Claims for jobless benefits held near the lowest level since 2008, bolstering consumer confidence, other reports may show.
A strengthening job market, combined with record affordability driven by the drop in home prices and mortgage rates, will probably keep underpinning demand. Nonetheless, the Federal Reserve & Obama administration are striving to find ways to lend the industry additional assistance amid concern that mounting foreclosures will continue to hinder the recovery.
Mr. Yelena Shulyatyeva, Economist, BNP Paribas in New York said, ''Home sales have bottomed, and from here on, we should see a moderate pickup”
Src: Bloomberg
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