Hello traders everywhere! Jeremy Lutz here, with your mid-day market update for Wednesday, the 27th of February.
THE HOUSING MARKET CONTINUES TO SHINE
After yesterday's news that new home sales rose nearly 16 percent in January, The National Association of Realtors (NAR) showed a much bigger than expected increase in its pending home sales index today, which reached its highest level since April of 2010 in January. NAR said its pending home sales index rose by 4.5 percent to 105.9 in January after falling by 1.9 percent to 101.3 in December. Economists had expected the index to increase by 3.0 percent.
What is a pending home sale? A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale. [Read more...]