U.S. consumer confidence soared in May to its highest level in eight months, suggesting underlying improvement in the economy after a grim first quarter that witnessed a record plunge in home prices.
The Conference Board, an industry group, said on Tuesday, May 26th, that its index of consumer attitudes jumped to 54.9 in May from a revised 40.8 in April, well above forecasts centered around 42.0. That was the biggest one-month jump since April 2003 when many Americans believed the war in Iraq was coming to a rapid conclusion.
The confidence data was in line with other evidence suggesting that, while the economy continues to contract in this quarter, the pace of deterioration has substantially abated. "That moderation in the rate of decline in economic activity is raising hopes that an actual improvement will take hold in coming months" said Mark Vitner, senior economist at Wachovia.
Given the improvement in consumer confidence, it is no surprise that in the Sarasota Bradenton real estate market, home and condominium sales have come back to life. Nationwide, U.S. single-family home prices have fallen by over 18% from just a year ago, according to a recent Standard & Poor's/Case Shiller index. During the first quarter of 2009 alone, U.S. home prices fell by 19.1%, the most in the 21-year history of the survey.
Home prices have not been this low in years and mortgage rates are still at all-time lows. The Sarasota - Bradenton - Venice Florida real estate market is bursting with properties offered for sale at the most attractive prices in years. With short sales and foreclosures as well as builders still trying to sell their excess inventories and the normal amount of families down-sizing, up-sizing and upgrading, there is a home, condominium or villa in the greater Sarasota market priced very attractively in every price range for every family.
Whether you are looking for a golf course community, a waterfront location, or a supremely comfortable neighborhood, the Sarasota - Bradenton Florida real estate market has something perfect for you.
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