Today’s real estate news from the Realtor association reported that Inventories declined 2.2% nationwide to 3.3 million, reflecting 8.0 months of supply at current sales rates. That’s the lowest level of inventory for October since 2005. Also, sales in October rose 1.4% to a seasonally adjusted annual rate of 4.97 million from 4.9 million in September.
The index of U.S. leading indicators rose 0.9 percent in October, the biggest jump since February, after a 0.1 percent September, signaling the US economy will keep growing in early 2012.
Gains in consumer spending, manufacturing and home building, combined with fewer job losses, point to an economy that is weathering the turbulence in financial markets caused by the debt crisis in Europe.
Builders showing signs of improvement with building permits, a proxy for future construction, increased 10.9 percent in October according to the Commerce Department. New construction of single-family houses climbed 3.9 percent to a three-month high of 430,000.
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Did you buy your first house in your 20’s? Now that you are older, do you know young people in their 20’s that not only have not bought their first house, but in fact, have moved back into their parents home? To answer the headline question, watch the 20-30 year old’s and when they start to buy, you know your property will go up in value. Until then, sales should increase next year with inventories and interest rates low, but it may take time for the increase in values to follow.
Led by improved expectations, consumer sentiment is at its highest level since June, though it remains relatively low, according to data by University of Michigan and Thomson Reuters. Consumer sentiment rose to 64.2 for November, compared with October reading of 60.9 These readings cover how consumers view their personal finances as well as business and buying conditions, averaged about 87 prior to 2008.
the number of positions waiting to be filled in the U.S. rose in September to the highest level in more than three years according to the US Labor Dept. Job openings increased by 225,000 to 3.35 million, the most since August, 2008. Payrolls grew by 80,000 workers in October, and gains in the prior two months were revised up.
The rate that mortgage holders were late with their payments by 60 days or more rose in the June-to-September period for the first time since the last three months of 2009, according to TransUnion, the credit reporting agency.
6.44 percent of homeowners missed two or more payments, an early sign of possible foreclosure. That was up from 5.88 percent in the third quarter of 2010, and from 5.82 percent in the 2011 second quarter.