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Manufacturing and Housing Data Boots Economy

November 2nd, 2009 categories: For Buyers, For Sellers, Lake Tahoe Real Estate, National real estate news, South Lake Tahoe Statistics, South Lake Tahoe, CA, Stateline, NV

Associated PressMultiple reports of better news

 To us, though, this Associated Press article is not really about the stock market. It’s about the US economy in general, of which a big part of is the housing industry.

One of the items below indicates a rise in pending home sales. South Lake Tahoe pending home sales are here.

Here’s some bullet points as found in the article:

  • Stronger-than-expected reports on manufacturing and housing.
  • This reassures investors’ concerns about how durable the economic recovery is.
  • The Institute for Supply Management (ISM) says the manufacturing industry grew at the fastest pace in October since April 2006.
  • The National Association of Realtors (NAR) said pending home sales increased for the eighth straight month in September.
  • This is the highest pending home sales reading since December 2006 and more than 21 percent above a year ago.
  • The Commerce Department also says construction spending increased 0.8 percent in September, matching the gain in August.
  • Ford Motor Co also reveals a surprise profit of nearly $1B in the third quarter, boosted by deep cost cuts and the government’s Cash for Clunkers rebate program.
  • "This should help relieve some of the fears that the recovery is not sustainable," said Peter Cardillo, chief market economist Avalon Partners Inc. of the reports.

(full article here)

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This entry was posted on Monday, November 2nd, 2009 at 12:01 pm and is filed under For Buyers, For Sellers, Lake Tahoe Real Estate, National real estate news, South Lake Tahoe Statistics, South Lake Tahoe, CA, Stateline, NV. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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