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QUOTE OF THE WEEK... "Leap, and the net will appear." --John
Burroughs, American writer and naturalist
INFO THAT HITS US WHERE WE LIVE ... After four years, it's Leap Day once again and some would say it will take a leap of faith to feel good about the market for new homes after last week's dismal report. In January, New Home Sales unexpectedly dropped 9.2%, settling at a 494,000 unit annual rate. This puts them a bit below where they were a year ago. However, one must remember that home sales numbers are volatile month to month, so it's important to look at the trend over time. That continues to be positive, with new home sales closing out 2015 in surprisingly strong fashion. Inventory remains low, although it increased last month to its highest level since October 2009.
It didn't take any leap of faith to feel good about the market for existing homes. After their sharp December rebound, Existing Home Sales kept moving up in January, registering their second fastest sales pace since February 2007. And yes, that was before the economic downturn. Existing Home Sales gained 0.4% last month, putting them at a 5.47 million unit annual rate--11% ahead of where they were a year ago. The November number was down, but that was caused by the new federal TRID regulations, which lengthen the closing process, pushing those sales into December. Many analysts feel the January number is once again a true measure of sales activity and, hey, it's good!
BUSINESS TIP OF THE WEEK... Never lose confidence. Success comes from believing in yourself--from knowing that if you don't give up, you'll eventually succeed.
INFO THAT HITS US WHERE WE LIVE ... After four years, it's Leap Day once again and some would say it will take a leap of faith to feel good about the market for new homes after last week's dismal report. In January, New Home Sales unexpectedly dropped 9.2%, settling at a 494,000 unit annual rate. This puts them a bit below where they were a year ago. However, one must remember that home sales numbers are volatile month to month, so it's important to look at the trend over time. That continues to be positive, with new home sales closing out 2015 in surprisingly strong fashion. Inventory remains low, although it increased last month to its highest level since October 2009.
It didn't take any leap of faith to feel good about the market for existing homes. After their sharp December rebound, Existing Home Sales kept moving up in January, registering their second fastest sales pace since February 2007. And yes, that was before the economic downturn. Existing Home Sales gained 0.4% last month, putting them at a 5.47 million unit annual rate--11% ahead of where they were a year ago. The November number was down, but that was caused by the new federal TRID regulations, which lengthen the closing process, pushing those sales into December. Many analysts feel the January number is once again a true measure of sales activity and, hey, it's good!
BUSINESS TIP OF THE WEEK... Never lose confidence. Success comes from believing in yourself--from knowing that if you don't give up, you'll eventually succeed.
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