Economic data was abundant today and zeroed in on the housing market. Housing prices continue to rise as evidenced by the Case Shiller 20-city Index gaining 13.3% year-over-year in September and was the largest annual gain in seven and a half years. From August to September, the index rose 1.3%.
Further enforcing a strengthening housing market came from a surge in applications for home construction in October. Building Permits, a sign of future construction, surged by 6.2% last month from September to 1.034 million annualized, the most since June of 2008. The gains were mainly centered in multi-family dwellings signaling demand for more rental units or condominiums.
Americans confidence regarding current economic conditions fell in November after a sharp decline in October. The Consumer Confidence Index fell to 70.2 this month versus the 72.4 expected and below the 71.2 recorded in October. Consumers stated that the job market is improving, but economic conditions have slowed. Looking out six months, consumers expressed greater concern about future job and earnings prospects and remain neutral on the economy.
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