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Pending Home Sales Advance for Fifth Straight Month
Pending Home Sales were expected to advance for the fifth straight month in June, but the gain was supposed to be meager. Instead, sales jumped 3.6% in the month, “trashing expectations of a 0.6% gain,†as one analyst put it.rnThe index hasn’t seen five months of consecutive increases since 2003, providing further confirmation that the real estate market is stabilizing, slashing excess overhang, and preparing for recovery.
Personal Incomes Fall Without Stimulus Support
Personal income fell 1.3% in June, erasing the equivalent gain in May. Technicallythat’s the biggest fall in four years, but as the BEA noted: “The June change in personal income reflects selected provisions of the American Recovery and Reinvestment Act of 2009, which boosted personal current transfer receipts in May much more than in June.â€
Pending Homes Sales Expected to See 5th Monthly Gain
With the S&P 500 improving 1.5% yesterday, Sal Guatieri from BMO Capital Markets noted that the index has seen its best five-month performance since 1938. The benchmark index crossed the 1,000 mark yesterday for the first time since November, but today futures are pulling it back down to 993, as sentiment is lower with the Zurich-based bank UBS reporting that losses were extended in the second quarter.rn
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