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Economic News in Review Greenville SC - January 28, 2014
Economic News in Review Greenville SC

Here is last week’s economic news in review Greenville SC.
   
Sales of existing homes saw considerably healthy activity in December, and near-term employment saw some stability, while leading economic indicators gained slightly.
Real Estate
The big economic news last week was in real estate, with sales of existing-homes for all of 2013 hitting their highest point since 2006. Sales of existing single-family homes, townhomes, condominiums and co-ops grew by 1 percent in December to an annual rate of 4.87 million, the National Association for Realtors reported.
Compared to a year ago, last month was down 0.6 percent from a 4.90 million-unit pace from December 2012, the association reported, but when 2013 was taken as a whole, its 5.09 million sales were 9.1 percent higher than 2012. Annual performance hasn’t been that good since 2006 when sales hit a high of 6.48 million during the housing bubble.
“Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates and a large pent-up demand driving the market,” said NAR chief economist Lawrence Yun. “We lost some momentum toward the end of 2013 from disappointing job growth and limited inventory, ... more

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