Week Through 10/2/09 Fairfax homes update
Posted by Super Admin on Monday, October 5th, 2009 at 12:33pm.Sep 29 – Consumer confidence unexpectedly dipped in September, as Americans grew more concerned about the economy, their job prospects and their incomes.
Sep 29 – The Case-Shiller home price index indicated that in 18 of 20 major cities, home prices were up 1.6% in July compared in June, the third monthly increase in a row. Whether the expiration of the homebuyer tax credit or increased number of foreclosures will reserve this trend will be seen in the months ahead.
Oct 1 – The pending home sales index 6.4% in August to its highest level since March 2007. The index, which tracks sales contracts signed on existing homes is designed to forecast actual sales has risen seven months in a row.
Oct 1 – Spurred by government subsidies to buy cars, consumer spending soared 1.3% in August.
Oct 2 – Job losses accelerated in September, driving unemployment to a 26-year high of 9.8%. Payrolls fell by a greater-than-expected 263,000 in September. Since the recession began in December 2007, over 7.2 million jobs have been lost and the unemployment rate has doubled.
Oct 2 - Oil closed the week at $69.95, up from $66.02 last Friday.
Rates continue to be at their near lows for 2009 as the markets are still trying to figure out if we are coming out of the recession or not. Considering the history of the stock market in October, interest rates could remain at these low levels for a while, but no guarantees. I am always available for summarizing deals on Fairfax homes.
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