Thursday, March 26, 2009

New Home Sales Rise 4.7%

New-Home Sales Rise 4.7%

Source: Wall Street Journal

Sales of new homes rose in February for the first time in seven months, the Commerce Department reported Wednesday, another sign that the housing market is thawing.

The increase was fueled by higher activity in the South and West, where deals on foreclosures and other "distressed" properties, particularly in California, are helping to drive interest.

Sales of new and existing homes are picking up month over month, and prices may soon follow. But the crosscurrent is whether unemployment will continue to rise, says USC real-estate economist Delores Conway. Stacey Delo reports.

The data "have allayed some fears that the housing market would continue to freefall," said Omair Sharif, an economist with RBS Greenwich Capital, "but it's way too early to say if we've hit bottom."

Wednesday marked the third consecutive day of positive news in the housing market, a contrast to the drumbeat of bad news in recent months. On Tuesday, a government gauge of home prices posted its first gain in almost a year, while Monday brought news that sales of previously owned homes, the biggest share of the market, also increased last month.

Also Wednesday, the California Association of Realtors said existing-home sales in the state were up 83% in February from the previous year, as the median home price was down some 40%, helping to shrink inventories to about a six months' supply from 15 months last year.
Bette Zerba, a real-estate agent in Phoenix, said a high level of foreclosures is prompting similar activity in her area.

"I thought the market looked spectacular right now and wanted to take advantage of it," said one of Ms. Zerba's clients, Rosanna Fischer, 40 years old, a first-time home buyer. She offered $175,000 on a 2,000-square foot bank-owned home with a pool in Glendale, Ariz., last week.

Shares of retail companies rose on Wednesday after government data showed durable goods orders and home sales rose more than expected. Home Depot was a leading gainer.

Sales of new homes nationwide rose 4.7% last month to a 337,000 annual rate, though they still are down sharply compared with this time last year, and increased competition from cheaper existing homes could hamper their sales ability in the coming months. The median sales price for a new home was $200,900 last month, down from $251,000 in February 2008, but still high compared with the median sales price of an existing home last month of $165,400.

Falling prices and low mortgage rates are helping to stir buying activity, along with the government's $8,000 tax credit, part of the stimulus bill, for buyers who purchase a home before Dec. 1. The number of new homes for sale -- some 330,000 units -- is the lowest in almost seven years, a sign builders are beginning to work through bloated inventories after cutting back on new construction.

Separately, data Wednesday showed that orders for manufactured goods rose last month for the first time since July, another signal that the U.S. recession isn't deepening. The Commerce Department said orders for manufactured durable goods -- items such as autos, furniture and appliances designed to last three years or more -- rose a seasonally adjusted 3.4% last month to $165.6 billion, the first monthly gain since July.

Last month's rise in orders, however, only partially reverses January's revised 7.3% drop, which is sharply lower than first estimated, and orders are still down nearly a quarter from the previous year. A key gauge of business spending -- orders for capital goods excluding defense and aircraft -- also rose after posting a revised 11.3% plunge in January.

Meanwhile, inventory levels of durable goods declined last month, a sign that the jump in orders is helping to pare bloated inventories, paving the way for a future production increase. But households are likely to remain under pressure for some time: Economists still expect the unemployment rate, now 8.1%, to flirt with double digits later this year or next.
—Jim Carlton contributed to this article.
Source: http://online.wsj.com/article/SB123798406285137541.html

Write to Kelly Evans at kelly.evans@wsj.com

Wednesday, March 18, 2009

Forex Profits Accelerator. Free Forex Training Videos

Forex Profits Income Engine Free Access. Forex Training and Trading Videos
This is just a courtesy reminder to let you know that the free Forex Profit Accelerator members website preview subscription I gave you access to yesterday will expire next week, on Tuesday, March 24th, 2009.

There's still time to get access to over a dozen Forex training and trading videos by clicking here.

You will gain a deeper understanding about how the foreign exchange market works, what factors affect currency movements, which currencies are the most popular and most viable to trade, and how you can make a profit by ensuring you get a wide spread margin from the trades you make. There are very specific terminology, such as “bid price” and “ask price”, “pips” and “spread” that you will do well to learn about to make it easier for you to trade.

After you login into the free Forex Profit Accelerator, you might be a bit overwhelmed by all the info on that website. If that's the case, start with these 2 videos which are found in the "Pip Vault" section:

Trade video #14, which is a day-by-day 'diary' of a EUR/USD trade that just openened on March 5th and shows 385+ pips so far. Watch how easy it is to monitor this trade in just a few minutes a night. You can do this, too.

How to identify trending Forex pairs - this 14 minute, 3 second video reveals how to use a simple indicator to quickly help identify which Forex pairs are trending, which can give you a huge edge over other traders, and help shield you from risk when placing a trade.

Both of these videos, along with over a dozen more, can be found on the Forex Profit Accelerator members website preview in the "Pip Vault" section.

(Remember, the entire preview website expires next Tuesday, March 24th, when limited copies of Bill Poulos's Forex Profit Accelerator home study course are re-released... so, until then, make sure you get your hands on all the complimentary training material waiting for you inside.)

Good Trading,
Bonnie Burns

p.s. I'd also take a close look at the up-to-date daily "Pip Feeder" reports found on the site. Normally $197/mo, you get them all 'on the house'... at least through next Tuesday.

To see all the exceptional Bill Poulos Forex and Stock Market training tools and programs that are proven to make you successful in the Forex and Stock market Click Here