26 Dec '12, 3am

Housing a bright spot for US economy #PR

The value of existing homes in the US climbed, while sales of new properties rose to its highest level in over two years in November, a clear sign that the property market is rebounding, reported Bloomberg. According to the median forecast of 60 economists, sales of new homes last month rose to 380,000, the highest since April 2010. Moreover, prices in 20 cities climbed by four percent during the 12 months to October 2012, the biggest annual increase since June 2010. Mark Vitner, Senior Economist at Wells Fargo Securities LLC, said: “We’re going to see large gains in virtually all of the housing measures next year.” “Job growth and the steady decline in the unemployment rate means that more and more workers feel confident about their own economic prospects and they’re willing to move forward with major commitments like buying a home.” Those benefitting from greater demand ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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