Mar 3: Pending Home Sales at Record Low; Affortability Index at Record High

Pending Home Sales dropped by 7.7% in January to a record low of 80.4 (since 2001), following a 4.8% jump in January, originally reported at a 6.3% rise, well below analysts estimates that the index would fall by 0.3%.  The index was 85.9 in January 2008, decreasing 6.4% over the past year.  The Affordability Index rose 13.6% to 166.8, the highest on record (since 1970).  Home sales fell over the past month and over the year in all U.S. regions except the West, where the index rose 2.4 percent to 103.6 and is 13.5 percent higher than January 2008

“Even with many serious potential home buyers on the sidelines waiting for passage of the stimulus bill, job losses and weak consumer confidence were a natural drag on home sales,” said Lawrence Yun, NAR Chief Economist. “We expect similarly soft home sales in the near term, but buyers are expected to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit.”

Upcoming Releases
ISM Nonmanufacturing Index (03/04 at 10:00 AM EST)
Fed’s Beige Book (03/04 at 2:00 PM EST)
Initial Claims (03/05 at 8:30 AM EST)
Unemployment Rate (03/06 at 8:30 AM 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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