National Pending Home Sales up 6.1% in September Oct 10, 2009 Home sales continue to jump month after month
This morning we had September Home Sale numbers come in. National expectations were for a 0.2% increase, and the actual number came in at 6.1%. That's a 1,200% beat in expectations. This is the 8 consecutive monthly increase. Pending home sales are now up 19.8% compared with September 2008.
We've had the roughest last couple years in any of our lifetimes. Economies starts improving from the top and slowly trickle down to the bottom. Employment is the last thing to improve. We expect another quarter or two of bad unemployment numbers, although our rate of decline the last few months have slowed tremendously exactly how Real Estate's decline slowed tremendously starting earlier this year. Expect to see 10%-10.5% unemployment WORST CASE SCENERIO. Stimulus officially has created over 600,000 new jobs this year. The goal of the program is 3.5 million by the end of next year. Govt. came out with this report last week and stated their goal is on track. Expect a 600% increase in what they've done so far. This will soften the unemployment number. From mid to late 2010-2015 we will have a steady decline of unemployment back into the 5.0-7.0% range. Most likely sooner than later.
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