Home Sales Jump - Light at the End of the Tunnel?

From Bloomberg - Pending sales of U.S. existing houses unexpectedly jumped by a record 10 percent in October, indicating the industry at the center of the last recession is stabilizing as the job market improves. The increase in the number of Americans signing contracts to buy previously owned homes followed a 1.8 percent drop in September, the National Association of Realtors said today in Washington. Another report showed claims for jobless benefits over the past month on average dropped to a two-year low. Combined with figures showing chain-store sales topped estimates last month, the reports added to evidence the world’s largest economy is strengthening, sending stocks up for a second day. Cheaper borrowing costs, lower prices and more jobs may entice homebuyers in coming months, helping the real-estate market regain its footing after the end of a tax credit caused demand to slump. Read full story here:

Home Sales Jump - Light at the End of the Tunnel?