Housing, Consumer Confidence moving in right direction
Posted November 27, 2012
The good news continues for housing prices across the nation according to two reports out Tuesday. The Case-Shiller Home Price Index delivered two strong metrics: the sixth consecutive month of home price gains and a 3.6 percent improvement in year-over-year prices from the third quarter of 2011 through the third quarter of 2012.
The FHFA also released its Home Price Index findings Tuesday, indicating strength throughout the GSE housing price sector. Their report indicated that prices rose 4.4 percent in the twelve months prior to September 2012.
Consumer Confidence numbers hit their highest reading in four and a half years Tuesday, as was announced by the Conference Board. The reading of 73.7 in November is an increase over the October reading of 73.1, and the momentum associated with improved statistics will hopefully translate into stronger retail sales this holiday season.
The “fiscal cliff” will remain a market concern as we head into the final month of 2012, as will the overall economic well-being of Europe.
Any major announcements in either category could bring market volatility and mortgage rate movement.