22 December 2009, 19:09  Homes rise 7.5% to 6.54 million

Previously-owned homes rose 7.5% to 6.54 million in November, the National Association of Realtors announced this morning, well above the 3.3% rate Dow Jones surveys projected. An $8,000 tax credit likely supported the November jump. “This clearly is a rush of first-time buyers not wanting to miss out on the tax credit,” NAR chief economist Lawrence Yun is quoted in the press release as saying. “But there are many more potential buyers who can enter the market in the months ahead.” Separately, U.S. House prices rose 0.6% between September and October, the Federal Housing Finance Agency reported today. The data is based on houses under mortgages from Fannie Mae or Freddie Mac. Home builders are surging this morning on the news, with Pulte Homes up 31 cents, or 3%, at $9.73, Toll Brothers up 64 cents, or 3.5%, at $19.02, DR Horton up 21 cents, or 2%, at $10.95, KB Home up 92 cents, or 7%, at $13.83, and Hovnanian Enterprises down 3 cents, or 0.7%, at $4.07.

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