We recognize that there are a lot of people out there hurting financially or worried that they will lose their jobs. While the near future is beginning to show promise, we all know that we are not quite out of the woods. However, in our part of California (the Palm Springs area), we are definitely seeing signs of improvement in the housing market that would seem to help confirm the validity of the following headlines. Our own activity evidenced by Buyer interest and visits to our website supports this positive overview. We wanted to bring this hopeful news to our readers.
If you want to know the general direction of the economy and thus the housing market, since it makes up almost 21% of the economy, just read this selection of headlines.
05/11/09
U.S. Economic Growth Seen Resuming in Third Quarter – Reuters
Rupert Murdoch: The Worst Is Over – MoneyNEWS
05/12/09
The Return Of The Homebuilders – CNNMoney
05/13/09
Illinois Home Foreclosures Slow In April – AP
‘Good Bad’ Economy Inspires Consumers as Slump Eases (Update1) – Bloomberg Press
“Consumer confidence rose last month by the most in two years, and the pace of job losses declined. The Standard & Poor’s 500 Index climbed 34 percent, as of yesterday, from a low March 9 — the biggest such move over a similar time span since the 1930s…”
“Fifty-two economists predict personal consumption will start rising in July, according to a Bloomberg survey…”
“A Bloomberg survey of users on six continents showed that confidence in the global economy rose to the highest level in 19 months.”
05/14/09
Housing Market May Be Healing Itself – Forbes
Obama Administration To Expand Housing Plan – AP
05/15/09
U. S Industrial Production Falls Less Than Forecast
Bloomberg – Courtney Schlisserman – “Industrial production in the U.S. fell in April at the slowest pace in six months, signaling manufacturing may be stabilizing.”
U.S. CPI Data Points To Easing Recession
Reuters – Lucia Mutikani and Emily Kaiser – “U.S. consumer prices were unchanged in April from March and industrial output declined at a slower pace, reports showed on Friday, providing more evidence that the worst phase of the recession may be over…”
Prices Suggest Little Deflation Risk
Wall Street Journal – Brian Blackstone – “Annual U.S. inflation measures plunged deeper into the red last month, as falling energy and food prices brought consumer prices down by their fastest 12-month rate in over a half century.”
While isn’t all good news, the overwhelming theme in these headlines is, the economy is showing signs of recovery and so does housing.
*Portions of the preceding by permission of Orange Coast Title
