Last Week in the News

Existing home sales rose 7.4% in November to a seasonally adjusted annual rate of 6.54 million units from 6.09 million units in October. On a year-over-year basis, sales of existing homes increased 44%, the largest gain on record. The inventory of unsold homes on the market fell 1.3% to 3.52 million, a 6.5-month supply at the current sales pace, and the lowest level since December 2006.

The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 2.2% in the third quarter of 2009. This was the final revision of the third-quarter report and was lower than the previous estimate of 2.8%.

The Commerce Department reported that consumer spending rose 0.5% in November, slightly less than economists had anticipated. Personal income increased 0.4%, the fastest pace in six months.

The Reuters/University of Michigan consumer sentiment index for December’s final reading rose to 72.5 from November's final reading of 67.4. Economists had forecast a December reading of 73.8.

The Commerce Department reported new home sales fell 11% in November to a seasonally adjusted annual rate of 355,000 from a downwardly revised rate of 400,000 in October. Economists had expected a pace of 440,000.

Orders for durable goods — items expected to last three or more years — rose 0.2% in November after a 0.6% decline in October. Excluding volatile transportation-related goods, orders posted a sizeable monthly gain of 2%.

Initial claims for unemployment benefits fell by 28,000 to 452,000 in the week ending December 19. Continuing claims for the week ending December 12 fell by 127,000 to 5.08 million.

Upcoming on the economic calendar are reports on the housing price index and consumer confidence on December 29.

 

THE CRECCO COMPANIES

Real Estate  Remodeling  Social Media

Anthony J Crecco

Short Sale and Loan Modification Expert

Thornwood NY  10594

914.269.8184

www.CreccoRealEstate.com

www.WestchesterCountyHomeNews.com

www.GetLoanModNow.com

www.InvestorSolutionsGroup.com

Your Home Sold Guaranteed or I will Buy it for Cash

SEARCH THE MLS LIKE AN AGENT

www.westchesterhomesearch.listingbook.com

 

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Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Home Sales Increase to Record Levels

 

THE CRECCO COMPANIES

Real Estate  Remodeling  Social Media

Anthony J Crecco

Short Sale and Loan Modification Expert

Thornwood NY  10594

914.269.8184

www.CreccoRealEstate.com

www.WestchesterCountyHomeNews.com

www.GetLoanModNow.com

www.InvestorSolutionsGroup.com

Your Home Sold Guaranteed or I will Buy it for Cash

SEARCH THE MLS LIKE AN AGENT

www.westchesterhomesearch.listingbook.com

 

Twitter: www.twitter.com/anthonycrecco

Linkedin: www.linkedin.com/in/anthonycrecco

ActiveRain: http://activerain.com/blogs/ajc9761

You Tube: http://www.youtube.com/user/anthonycrecco

The information contained in this communication, including any attachments, is privileged and confidential information intended only for the use of the individual to whom it was addressed. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you received this in error, please contact the sender and delete or destroy the material.

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Leadership: The art of getting someone else to do something you want done because he wants to do it.
Dwight D. Eisenhower

Last Week in the News

_______________________________

Retail sales increased 1.3% in November, following a downwardly revised 1.1% increase in October. Excluding automobiles, retail sales rose 1.2%, the largest gain since January. Sales of building materials increased 1.5%, the biggest gain since April 2008.

According to the Federal Reserve, consumer credit debt fell in October by $3.51 billion, an annual rate of 1.7%. Economists had forecast that consumer debt would drop $9.3 billion. That’s a sign the financial crisis is easing as more households cautiously increase their purchasing activity.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending December 4 rose 8.5% to 665.6. Purchase volume increased 4% to 241.5. Refinancing applications gained 11.1% to 3,185.9.

The Commerce Department said wholesalers increased their inventories by 0.3% in October. It was the first gain since August 2008, ending a record stretch of 13 monthly declines. Economists had anticipated a 0.5% drop. Meanwhile, sales at the wholesale level rose 1.2% in October, marking the seventh straight monthly gain.

The Commerce Department reported that the trade deficit shrank 7.6% to $32.9 billion in October from a revised $35.7 billion in September. Economists had expected a trade deficit to widen to $36.8 billion. The growth in U.S. exports is an indication the global economy is beginning to rebound.

Initial claims for unemployment benefits unexpectedly rose by 17,000 to 474,000 in the week ending December 5. Continuing claims for the week ending November 28 fell by 303,000 to 5.157 million.

The Reuters/University of Michigan consumer sentiment index for December rose to 73.4 from 67.4 in November. Economists had forecast a reading of 68.5.

Upcoming on the economic calendar are reports on the housing market index on December 15, housing starts on December 16 and the index of leading economic indicators on December 17.

Anthony Crecco
   The Crecco Companies
   www.CreccoRealEstate.com
   www.CreccoBordonaro.com

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Buy Now!!

Mortgage rates are extremely low. Now is the time to buy or refinance a home. Here's why you should act now:

A drop in rates provides a tremendous opportunity to refinance and reduce your monthly mortgage payment and potentially save thousands of dollars over the life of your home loan. It’s also a great time to buy a new home.

First-time homebuyers are eligible for an $8,000 tax credit, which does not have to be repaid unless you sell your home within three years.

Repeat or move-up homebuyers are eligible for a $6,500 tax credit if they have lived in their primary residence for five years or more.

These tax credits are available to buyers who sign purchase agreements on a new or existing primary residence between November 7, 2009, and April 30, 2010. Buyers have until June 30 to close on their new homes.

If you’re still sitting on the sidelines waiting for housing prices to hit bottom, you should consider that what might be gained from a further drop in housing prices could easily be lost by a rise in interest rates.

Rates continue to be volatile and this opportunity might not last long. Do not wait until next week. Call me today to get prequalified. Whether you are looking to buy or refinance, I am here to help.

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor. We are not a law firm, nor a CPA firm.

Anthony Crecco
   The Crecco Companies
   www.CreccoRealEstate.com
   www.CreccoBordonaro.com

Posted via email from WESTCHESTER COUNTY DISTRESSED PROPERTY INFORMATION

Now is the Time to Buy

Mortgage rates are extremely low. Now is the time to buy or refinance a home. Here's why you should act now:

A drop in rates provides a tremendous opportunity to refinance and reduce your monthly mortgage payment and potentially save thousands of dollars over the life of your home loan. It’s also a great time to buy a new home.

First-time homebuyers are eligible for an $8,000 tax credit, which does not have to be repaid unless you sell your home within three years.

Repeat or move-up homebuyers are eligible for a $6,500 tax credit if they have lived in their primary residence for five years or more.

These tax credits are available to buyers who sign purchase agreements on a new or existing primary residence between November 7, 2009, and April 30, 2010. Buyers have until June 30 to close on their new homes.

If you’re still sitting on the sidelines waiting for housing prices to hit bottom, you should consider that what might be gained from a further drop in housing prices could easily be lost by a rise in interest rates.

Rates continue to be volatile and this opportunity might not last long. Do not wait until next week. Call me today to get prequalified. Whether you are looking to buy or refinance, I am here to help.

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor. We are not a law firm, nor a CPA firm.

Sent on the Sprint® Now Network from my BlackBerry®

Posted via email from Wisdom For You Today