REGARDS,
mikie
THE JSMINESET.COM ARTICLE THAT THE QUESTION CAME FROM
Jim Sinclair’s Commentary
Is there a statistician out there who knows if sales of "existing houses" includes foreclosure sales?
U.S. Economy: Sales of Existing Homes Rise Most in Three Years
By Shobhana Chandra
March 23 (Bloomberg) -- Sales of previously owned homes in the U.S. unexpectedly surged last month by the most since March 2004, a sign that the housing market is probably past the worst of its yearlong slump.
Purchases increased 3.9 percent in February to an annual rate of 6.69 million, the National Association of Realtors said today in Washington. Sales were down 3.6 percent from the prior 12 months, the smallest decline in a year.
Gains in home construction, mortgage rates near a 14-month low and an increase in loan applications from a year ago are helping lay the groundwork for an industry rebound. Stocks advanced as traders took the figures as an endorsement of the Federal Reserve's forecast that the economy will grow at a moderate pace.
``We expect the drag on the economy from housing will be gone by mid-year,'' said Dean Maki, chief U.S. economist at Barclays Capital in New York. The rebound in sales is ``an important development.''
http://www.bloomberg...6...&refer=home
Edited by mikie007, 23 March 2007 - 05:34 PM.