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Jan 07

Latest Economic News January 6, 2014

Check out the latest economic news from Stephen Chow, Mortgage Broker, Sterling Bank on his Inside Lending Newsletter. Words from Stephen:

headerINFO THAT HITS US WHERE WE LIVE… The creator of Peter Pan could well be describing last week’s rash of kindly housing news, which just a short time ago would have seemed like a description of a real estate Neverland. 

Pending Home Sales, measuring contracts signed on existing homes, went up 0.2% In November, its first gain in six months. This should indicate an increase in existing home sales in December and January. November also saw a 1.0% increase in construction spending, taking it to its highest level since March 2009, with private single-family homebuilding leading the way.

On the price front, the S&P/Case-Shiller index of home prices in the 20 largest metros went up 1% in October and is now up 13.6% this past year. That was the seventeenth month in a row that the index reported an annual increase. October’s yearly gain was the highest since February 2006.

However, many observers do see a slight cooling off in home prices. The chairman of the index committee at S&P Dow Jones Indices observed: “Most forecasts for home prices point to single digit growth in 2014.”

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