Monday, June 23, 2014
Existing Home Sales and Prices Jump:
The National Association of Realtors reported today that May sales of homes that have been previously occupied (the largest segment of homes) jumped 4.9% from April. Existing Home Sales came in at an annualized rate of 4.89 million units which handily beat the market expectations of 4.73 million units.
Monday, June 9, 2014
Household Net Worth Creeps to Record High:
U.S. household net worth nudged up 2 percent to a record high $81.8 trillion in the first quarter as the stock market continued its upward climb and property values rose, data from the Federal Reserve.
The S&P 500 rose 1.4 percent in the first quarter as the Fed continued with a highly accommodative monetary policy for a recovering U.S. economy. For the year to date, the S&P is up 5 percent, and hit a new intraday record high on last week.
How consumers feel about their financial net worth has a direct impact on consumer spending and demand for homeownership, so this is more good news for the housing market.
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