Great news on the home front

We got some great news this morning.....

U.S. Economy: Goods Orders Gain, Home Sales Exceed Forecasts

If you read Bloomburg we got you will see that orders for U.S. durable goods unexpectedly rose in June, and sales of new homes were higher than forecast, easing concern that the economic slowdown will worsen.

One of the factors helping is that bookings for goods made to last several years gained 0.8 percent and posted the first consecutive monthly rise since July 2007, the Commerce Department said today in Washington. Great new for me as a mortgage lender is that new homes sold at an annualized pace of 530,000, exceeding the median forecast of 503,000 in a Bloomberg News survey. A private report showed consumer sentiment rose from a 28-year low, this is hugh!!!!

As you have all noticed from your 401K & other investments stocks rose and treasuries fell after the reports indicated the economy accelerated in the second quarter from the weakest pace of growth in five years. Economists had forecast that the slowdown would worsen by year-end as the impact of tax rebates fades and as job losses and rising consumer prices force households to cut spending.

``At the end of the day, we are going to avoid a severe recession,'' said a noted economist with at UBS Securities LLC in Stamford, Connecticut.

Friends tell me that gas prices are killing blue collar america & that we have to do something.  So the new above is GREAT.

Richard