Tuesday, February 27, 2007

Housing Turnaround and Consumer Confidence at 5 Year High

From the Associated Press
Sales of Existing Homes Jump in January

"WASHINGTON (AP) -- Sales of existing homes rose in January by the largest amount in two years, raising hopes that the worst of the severe slump in housing may be coming to an end. Median home prices, however, fell for a sixth straight month.

The National Association of Realtors reported Tuesday that sales of previously owned homes rose by 3 percent last month, the biggest one-month increase since a 3.3 percent advance in January 2005, a time when housing was roaring toward the peak of its five-year boom....."

And consumer confidence is up.....

In other economic news, the Conference Board, a private research group, said consumer confidence rose in February to its highest level in more than five years.........The New York-based Conference Board said its confidence index increased to 112.5 this month, a bigger than expected rise from a February reading of 110.2. The gain reflected increased optimism about jobs and business prospects. Link Here

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