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US home sales hit three-year high as GDP revised up
BertieUK
Posts: 1,701 Forumite
Could this turn around be reflected this side of the Pond and give our Property Sales a confidence boost?
Sales of previously owned US homes rose in November to their highest level in three years, figures have shown.
The National Association of Realtors (NAR) said sales rose 5.9% to a seasonally adjusted annual rate of 5.04 million last month.
Meanwhile the economy grew faster than previously thought in the third quarter, at an annualised rate of 3.1%.
http://www.bbc.co.uk/news/business-20796835
Sales of previously owned US homes rose in November to their highest level in three years, figures have shown.
The National Association of Realtors (NAR) said sales rose 5.9% to a seasonally adjusted annual rate of 5.04 million last month.
Meanwhile the economy grew faster than previously thought in the third quarter, at an annualised rate of 3.1%.
http://www.bbc.co.uk/news/business-20796835
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Comments
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America has really turned things around recently, in large part thanks to the truly massive interventions in the housing market thanks to $40 bn a month of mortgage backed security purchasing by the Fed. Through ending the dysfunction in the mortgage market, they've managed to get house prices heading in the right direction rapidly.
And with the housing market recovering nicely, (indeed some areas have seen 20%+ rises in the last year), they are finally building a real recovery in the wider economy and employment markets.
Excellent news all around.
With a bit of luck, our new BOE Gov next year will import some of that North American economic prosperity with him.....
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
We are over the worst of it and prices remained stable - prices will creep upwards before spiking again v soon0
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moneyinmypocket wrote: »We are over the worst of it and prices remained stable - prices will creep upwards before spiking again v soon
That is indeed the most likely outcome. The US crash happened about 12 to 18 months before ours, and their recovery is now firmly underway.
Chances are we're in the last year or so of stagnation, before prices start heading firmly upwards.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
That'll only happen if the banks start lending again!0
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There's a surprise - allowing house prices to fall (over 30% on average across the U.S. if I recall) enable the housing market to recover. I wonder if Mark Carney will bear in mind that in mind when he takes over and stop kicking the can down the road?
I wonder also if those foreign speculators who have been largely propping up our own housing market lately will set their sights over there, especially as London seems to be cooling off now?0 -
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sales rose 5.9% to a seasonally adjusted annual rate of 5.04 million last month.
Meanwhile the economy grew faster than previously thought in the third quarter, at an annualised rate of 3.1%.
Don't they just multiply up a month/quarter, over there, to give an annualised rate? So if they have one good month, x 12, all ills are cured?
The economy could have flat lined all year, last quarter it was 0.775%, bingo 3.1%?"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
HAMISH_MCTAVISH wrote: »
With a bit of luck, our new BOE Gov next year will import some of that North American economic prosperity with him.....
That's a good idea lets go and print some more money and raise our debt, and go and get drunk before the next hangover."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »That's a good idea lets go and print some more money and raise our debt, and go and get drunk before the next hangover.
We'll be having our own "fiscal cliff" debate at the next general election.......0
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