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QUOTE OF
THE WEEK... "Beware of false
knowledge; it is more dangerous than ignorance."--George Bernard Shaw,
Irish playwright and essayist
INFO THAT HITS US WHERE WE LIVE... These days, it's easy to acquire false knowledge if you don't dig into the data. For example, Housing Starts fell 2.8% in October, so does that bit of knowledge prove home building is on the decline? Not at all. Starts are up almost 8% from a year ago and the monthly dip was all due to multi-family construction. Single family starts were up 4.2%, and are 15.4% ahead the past year. The 12-month moving average is at its highest level since September 2008, and the total number of homes under construction is up 20.1% from a year ago. October Building Permits were up 4.8%, and are now at their highest level since June 2008.
Existing Home Sales posted a decent 1.5% gain in October, rising to a 5.26 million annual rate. These sales have gone up six of the last seven months and have now reached their highest level in more than a year. Inventories are up 5.2% versus a year ago and some observers expect price gains to bring more homes onto the market to spur additional sales. Continuing the good news, the Mortgage Bankers Association's Mortgage Applications Survey for the week ending November 14 reported the seasonally adjusted Purchase Index up 12% from the week before, to its highest level since July.
BUSINESS TIP OF THE WEEK... Smart businesses do their spring cleaning in December so they can hit the new year lean and mean. Start by throwing out, donating or selling old computers, copiers, monitors or furniture you don't use any more.
INFO THAT HITS US WHERE WE LIVE... These days, it's easy to acquire false knowledge if you don't dig into the data. For example, Housing Starts fell 2.8% in October, so does that bit of knowledge prove home building is on the decline? Not at all. Starts are up almost 8% from a year ago and the monthly dip was all due to multi-family construction. Single family starts were up 4.2%, and are 15.4% ahead the past year. The 12-month moving average is at its highest level since September 2008, and the total number of homes under construction is up 20.1% from a year ago. October Building Permits were up 4.8%, and are now at their highest level since June 2008.
Existing Home Sales posted a decent 1.5% gain in October, rising to a 5.26 million annual rate. These sales have gone up six of the last seven months and have now reached their highest level in more than a year. Inventories are up 5.2% versus a year ago and some observers expect price gains to bring more homes onto the market to spur additional sales. Continuing the good news, the Mortgage Bankers Association's Mortgage Applications Survey for the week ending November 14 reported the seasonally adjusted Purchase Index up 12% from the week before, to its highest level since July.
BUSINESS TIP OF THE WEEK... Smart businesses do their spring cleaning in December so they can hit the new year lean and mean. Start by throwing out, donating or selling old computers, copiers, monitors or furniture you don't use any more.
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