Good News For Economy

According to the National Association of Realtors, home sales rose in November marking the third gain in homes sales in the past four months. Existing sales grew 5.6 percent from October to November of 2010. Home buyers bought homes at a seasonally adjusted annual rate of 4.68 million. The realtor association predicts that sales for 2010 will be 4.8 million. The November growth was propelled by a 6.7 percent rise in single-family homes while sales of condominiums dropped 1.9 percent. Home sales were up all around the country particularly in the West where sales rose 11.7 percent, sales in the Midwest rose 6.4 percent, 2.9 percent in the South, and 2.7 percent in the Northeast.

Consumer spending grew at a 2.4 percent pace in November. This is the largest increase since the initial three months of 2007 yet less than the 2.8 percent estimate the previous month. During a December 20^th interview on Bloomberg Television, the chief executive officer of Saks Inc., Stephen Sadove mentioned “we’re clearly seeing an improved environment, especially as the markets have held strong”.