Markets have pared losses this morning after macro economic news releases for Initial Jobless Claims (See “Seesaw! Weekly Unemployment Claims Drop 37,000 to 404,000“) and Existing Home Sales:
Existing Home Sales: Highest Rise in Almost 30 Years
The 12.3% pop to 5.28 million home sales beat Wall Street’s consensus estimates for 4.8 million sales. In other marginally good news (hey, we need all we can get in housing), November’s sales were revised upward to 4.7 million from 4.68 million.
The National Association of Realtors Chief Economis Lawrence Yun said, “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”
On a negative note, “The national median existing-home price for all housing types was $168,800 in December, which is 1% below December 2009. Distressed homes rose to a 36% market share in December from 33% in November, and 32% in December 2009.”
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