Thursday, U.S. Pending Home Sales were released. The index is the highest in over 5 years (not including surges with home buyers tax credits).
Pending Home Sales in the month of October are up 5.2%. The housing market looks to be gaining momentum. This is good news for the United States economy but, could this just be a surge in data? As the fiscal cliff approaches, maybe some statistics will change, or maybe the housing market is truly gaining some serious momentum.
With housing being appreciating, and not depreciating, the good report could give bullish confidence to investors.
“We’ve had very good housing affordability conditions for quite some time, but we’re seeing more impact now from steady job creation, and rising consumer confidence about home buying now that home prices have clearly turned positive.” Lawrence Yun, NAR cheif economist said.
Mr. Yun has an interesting point, but are we seeing steady job creation? Is this legitimate supporting evidence of a housing market rise?
To read more about today’s Pending Home Sales report, visit this link.
The job creation has not been seen over a sustainable amount of time and could very likely soon be turning negative, especially if the White House decides to tax the wealthy further.
Visit this link for more information on Taxing the Rich.
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