WASHINGTON: The Standard & Poor’s/Case-Shiller index showed home sale prices rose in August from July in 10 of the 20 cities tracked. This is an indication of stabilization in some of the hard hit portions of the country. July was the 5th straight monthly gains in half the cities monitored.
Additionally, the US Commerce Department released the New Home Sales Report for September which showed a strong increase of 5.7% to a seasonally adjusted annual rate of 313,000 homes.
The National Association of Home Builders reports that for each new home built, 3 jobs are created for a year and generates $90,000 in taxes….All good news for the National Home Markets and our financial recovery!
Now if the banks would get on board we’d see the recovery speed up.