Dec 9: Pending Home Sales Decrease 0.7%

The Pending Home Sales Index decreased by 0.7%, to 89.5 in October, following an upwardly revised 4.3% decline in September (originally reported at -4.6%), while analysts expected a decline near 4.6% for October, coming at an 84.8% surprise.  The index was 89.8 in October 2007, was as high as 101.4 in June of 2007, but has only decreased by 1% over the past year.  This is a leading indicator for the housing sector and has proven to stabilize over this past month.

“Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range,” said. Lawrence Yun, NAR chief economist “We did see a spike in August when mortgage conditions temporarily improved, which underscores two things – there is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market.”  He expects growth to contract in the first half of 2009, then to expand and stabilize and expand thereafter with the home sales recovery as a catalyst to this growth.

Upcoming Releases
Wholesale Inventories (12/10 at 10:00 AM EST)
Treasury Budget (12/10 at 2:00 PM EST)
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ECONOMIC HIGHLIGHTS ARCHIVE

Feb 9: Wholesale Inventories - Wholesale Inventories today at 10:00 AM EST

on February 9, 2010

Feb 5: Unemployment Down to 9.7% - Unemployment Rate decreases to 9.7%; Nonfarm Payrolls unchanged; Consumer Credit today at 3:00 PM EST

on February 5, 2010

Feb 4: Nonfarm Productivity Up - Weekly Initial Claims increase to 480,000; 4-week moving average increased; Nonfarm Productivity up 6.2% in the 4th quarter; Unit Labor Costs down 4.4% in the 3rd quarter; Factory Orders today at 10:00 AM EST

on February 4, 2010

Feb 3: ISM Services Up - ISM Services Index increased to 50.5; Crude Inventories today at 10:30 AM EST

on February 3, 2010

Feb 1: ISM Index at 6 Year High - Personal Income, Disposable Personal Income up 0.4%; Construction Spending down 1.2%; ISM Manufacturing Index at highest level since August 2004

on February 1, 2010

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