This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Housing Data Points To Rocky Rebound


WASHINGTON (AP) ¿ Sales of new homes rose more than 6 percent in October. But that was only because of strong results in the South.

Home prices rose in 11 major metro areas in September, but fell in nine. Home resales, meanwhile, were up nationwide, with the biggest gain in the Midwest.

Taken together, the data show that the housing market's recovery is still in its infancy and likely to be bumpy.

"We're muddling along the bottom of the housing cycle," said John Burns, a California-based real estate consultant.

That mirrors the broader economy, which is emerging from the longest recession since the Great Depression. Reports Wednesday showed a decline in new jobless claims and an increase in consumer spending, while orders for costly manufactured goods fell unexpectedly.

If the upward trend in housing continues, it would give the economic recovery more fuel. Spending on homebuilding and remodeling were an economic driver in the July-September quarter for the first time in nearly four years.

During the housing bust, the building industry scaled back on construction to thin the glut of homes on the market. There were 239,000 new homes for sale at the end of October, the lowest inventory level in nearly four decades. At the current sales pace, that's a 6.7 months of supply, down from last winter's peak of more than a year, and a sign that builders may soon ramp up construction.
1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
RYL $40.83 0.67%
CTX $26.36 0.00%
BZH $14.67 0.00%
DHI $32.77 0.00%
HOV $1.80 0.00%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs