US home sales better than expected, earlier losses reversed in stocks23 September, 2010, 15:00. Posted by Zarathustra
Tags: Markets, Real Estate, US
Sales of U.S. previously owned homes rose in August to the second-lowest level on record, indicating housing remains depressed a year after the economic recovery began.
Purchases of existing houses climbed to a 4.13 million annual pace, in line with the median forecast of economists surveyed by Bloomberg News and second only to July’s 3.84 million rate as the weakest in a decade’s worth of data, the National Association of Realtors said today in Washington.
Despite seemingly good figure, I still believe that it is a transient phenomenon. As my argument made previously, I believe the real estate market in US still has long way to go before we can see a full recovery.
As of now:
DJIA -0.12%, S&P 500 -0.18%, NASDAQ +0.30%