As housing falls, economy looks near bottom
This morning, the Warren Group released July sales data which shows prices of single-family homes and condos dropped again.
Offsetting this barrage of bad news, is this from the New York Times:
Consumer outlook up, housing bottom may be near
Americans felt better about the economy in August, as a barometer of sentiment posted the biggest boost in two years amid falling gas prices. Two reports suggested that a bottom could be nearing for the housing market, but economists caution it’s too early to proclaim that the worst is over.
The Conference Board, a private research group, said Tuesday that its consumer confidence index rose to 56.9, up from a revised 51.9 in July. That’s the largest gain since August 2006, and is ahead of the 53 expected by economists surveyed by Thomson/IFR.
Here in the Commonwealth, the unemployment rate has increased, but there has actually been a net increase in jobs, during the same time. (Try to get your head around that fact!)
Stagnant times.
That’s okay.
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