Despite some negative earnings reports from several sources, stock rallied today on the strength of a large increase in pending home sales. This indicates that there will be many closings in the near future, which will reduce inventory and get mortgage money moving. The more sales the more the entire real estate industry can generate profits and economic activity. The pending sales rose 4.1% in March which was way above the .5% that was expected. This good housing news trumped higher than expected initial unemployment claims. The Dow closed up a robust 113 points.
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life
Jobs numbers are really what is most important. I don't see this numbers changing for the positive for some time.
Apr 26, 2012 09:31 PM
Comments (1)Subscribe to CommentsComment