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Deckard

U.s. New Home Sales Jump 9.6%, Most In Four Years

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http://www.bloomberg.com/apps/news?pid=206...id=aqnFJ5TBePL8

Aug. 26 (Bloomberg) -- Purchases of new homes in the U.S. jumped more than forecast in July, adding to signs that the economy is rebounding from the worst recession since the 1930s.

Sales increased 9.6 percent, the most since February 2005, to a 433,000 annual pace, figures from the Commerce Department showed today in Washington. The number of houses on the market dropped to the lowest level in 16 years.

The gain in sales, together with rising purchases of existing homes and steadying prices, indicate the housing slump may be ending as Federal Reserve efforts to thaw credit and the Obama administration’s first-time homebuyer incentives lift demand. Job losses and mounting foreclosures mean any rebound in construction may be limited.

“We’re seeing a clear pickup in housing activity,†said Michael Moran, chief economist at Daiwa Securities America Inc. in New York. “The correction phase is essentially over and we expect continued improvement, though not a vigorous pickup.â€

Homebuilders’ stocks surged after the report, with the Standard & Poor’s Supercomposite Homebuilding Index gaining 3.7 percent as of 10:23 a.m. in New York.

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No mention of the $8000 subsidy to FTBs to purchase houses or that it is scheduled to stop in November.

I would have thought that a nearly 10% increase would be based on more than just that though...

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I would have thought that a nearly 10% increase would be based on more than just that though...

Are you sure you're not Ambrose Evans-Pritchard?

US Good - Eurozone bad.

It's a bit two-dimensional.

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Are you sure you're not Ambrose Evans-Pritchard?

:lol: no, I'm not AEP... although I do think the EZ is in deep sh1t...

US Good - Eurozone bad. It's a bit two-dimensional.

Right, whereas the attitude of the doom mongers, along the lines of "the UK is fukked, IMF beckons, worst country in the western world etc etc" is multidimentional, is it? :rolleyes:

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