Existing Homes Sales Jump 7.4% - The National Association of Realtors reported that on the back of the expiring federal tax credit, November existing home sales jumped by 7.4% to a 6.54 million seasonally adjusted annual rate. This marked the highest rate since February 2007 and was the third straight large increase. Existing home sales are up 28% since August. Buyers were rushing in November to finalize sales ahead of the Nov. 30 expiration for the tax credit, said Lawrence Yun, NAR's chief economist. The tax credit was subsequently extended and expanded to include repeat buyers.
Final Q3 GDP Revised to 2.2% - The Commerce Department revised the 3rd quarter GDP number to an annual growth rate of 2.2%. While the final rate was lower than initially reported, real gross domestic product increased for the first time since the spring of 2008 with higher consumer spending, a rebound in investments in homes, a slower pace of inventory reduction, more exports, and robust government spending. Analysts on Wall Street had expected a smaller revision to 2.7%. Futures responded positively to the news though.
Sturdy U.S. Home Sales Bolster Economic Growth Prospects - By Lucia Mutikani - Reuters - "Sales of previously owned U.S. homes jumped last month to their highest level in nearly three years, the latest sign that the economic recovery was gaining steam, after growing below expectations in the third quarter."
Final Q3 GDP Revised to 2.2% - The Commerce Department revised the 3rd quarter GDP number to an annual growth rate of 2.2%. While the final rate was lower than initially reported, real gross domestic product increased for the first time since the spring of 2008 with higher consumer spending, a rebound in investments in homes, a slower pace of inventory reduction, more exports, and robust government spending. Analysts on Wall Street had expected a smaller revision to 2.7%. Futures responded positively to the news though.
Sturdy U.S. Home Sales Bolster Economic Growth Prospects - By Lucia Mutikani - Reuters - "Sales of previously owned U.S. homes jumped last month to their highest level in nearly three years, the latest sign that the economic recovery was gaining steam, after growing below expectations in the third quarter."
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