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Federal National Mortgage Association Message Board

  • dell_stk dell_stk Dec 28, 2012 2:53 PM Flag

    Housing, factory data point to momentum in economy

    WASHINGTON (Reuters) - Contracts for U.S. home resales hit a 2-1/2-year high in November and factory activity in the Midwest expanded this month, suggesting some strength in the economy despite the threat of tighter fiscal policy.
    The National Association of Realtors said on Friday its Pending Home Sales Index, based on contracts signed last month, increased 1.7 percent to 106.4 - the highest level since April 2010 when the home-buyer tax credit expired.
    November marked the third straight month of gains for signed contracts, which become sales after a month or two, and followed a 5 percent increase in October.
    A separate report showed the Institute for Supply Management-Chicago business barometer rose to 51.6 in December from 50.4 in November. A reading above 50 indicates expansion in the regional economy. It was the second straight month of growth and was driven by a rebound in new orders.
    The data suggested some of the growth momentum from the third quarter carried into the final three months of 2012, even as businesses and households braced for sharp cuts in government spending and higher taxes in the new year.

    Sentiment: Strong Buy

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