Housing Looking Stronger in 2010. Tax Credit has expected impact. Mercer County Real Estate - Ewing, Princeton, West Windsor, East Windsor, Hamilton, Robbinsville, Hopewell, Pennington
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Market Monitor 12.25.09 - Housing Looking Stronger in 2010
1. Weichert Financial Services
Market Monitor
I ssu e 10, V olu me 49 / D e c 25 and De c 31 , 2009
Housing Looking Stronger as ‘10 Approaches 12/29 Consumer Confidence 52.8 49.5
Tim McLaughlin 12/30 Chicago Purchasing Mgr 55.0 56.1
Sales of existing U.S. homes rose more than forecast in 12/31 Initial Jobless Claims - -
November, to the highest level since February 2007, a sign
housing is gaining strength along with the broader economy 12/31 Continuing Claims - -
entering 2010.
12/31 NAPM – Milwaukee - 57.0
Purchases increased 7.4% to a 6.54 million annual rate
from a revised 6.09 million pace the prior month, the 12/31 Bloomberg FCI Monthly - -
National Association of Realtors said Tuesday in
Washington. The median sales price declined 4.3% from 1/4 ISM Manufacturing 54.5 -
the same month a year earlier, the smallest decrease since
November 2007. 1/4 ISM Prices Paid 57.5 0.2%
Lower interest rates, affordable homes and a homebuyer
tax credit have resuscitated a housing market that 1/4 Construction Spending (MoM) -0.5% 0.0%
contributed to the worst economic slump since the 1930s. A
1/5 Factory Orders 0.5% 0.6%
sustained recovery in housing and the economy depends
on a resumption of payroll growth after employers cut 7.2 1/5 Pending Home Sales (MoM) -2.0% -
million jobs in the past two years.
“The tax credit had the intended impact of drawing 1/5 Pending Home Sales (YoY) - -
buyers in and lowering inventory,” Lawrence Yun, chief
economist at the Realtors group, said in a press 1/5 Total Vehicle Sales 10.98M 10.92M
conference. “An estimated 2 million buyers have taken
advantage of the credit.” 1/5 Domestic Vehicle Sales 8.30M 8.36M
1/6 MBA Mortgage Applications - -
Secondary Marketing Takeaways: 2009 was an
unprecedented year, but the market appears to feel a lot 1/6 Challenger Job Cuts (YoY) - -72.3%
more confident than it did a year ago at this time. Certainly,
there are still challenges ahead, but with low interest rates, 1/6 ADP Employment Change -63K -
a viable tax credit in place, and most importantly, traction
and confidence growing each month in the housing sector 1/6 ISM Non-Manufacturing 50.0 -
and in the economy, it looks and feels as if there are better
1/7 Initial Jobless Claims - -
days ahead.
From the entire Secondary Marketing team at Weichert 1/7 Continuing Claims - -
Financial, we wish all of you a very happy and healthy
holiday season, a Merry Christmas, a Happy New Year, and 1/8 Nonfarm Payroll 0K -11K
much joy and success as we head into the roaring ‘10’s.
1/8 Unemployment Rate 10.0% 10.0%
1/8 Manufacturing Payroll -35K -41K
The Week Ahead -> The “Keys”
1/8 Avg Hourly Earnings (MoM) 0.2% 0.1%
- Focus heading into the new year – is Nonfarm positive?
1/8 Avg Hourly Earnings (YoY) - 2.2%
Date Economic Release Prediction Last
1/8 Avg Weekly Hours 33.2 33.2
12/28 Dallas Fed Manufacturing- - 0.3% 1/8 Wholesale Inventories -0.5% 0.3%
12/29 S&P Case/Shiller Index 146.8 146.5 1/8 Consumer Credit -$5.0B -$3.5B
12/29 S&P/CaseShiller Composite -7.30% -9.36% 1/8 U of Michigan Confidence - -
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At the date of this printing all information is deemed reliable but not guaranteed. This publication is a service to our clients and friends. It is designed only to give general information on the
topics actually covered. It is not intended to replace tax, legal or financial advice, for which you are encouraged to seek a competent professional advisor. Weichert Financial Services
Executive Offices: 225 Littleton Road, Morris Plains, NJ 07950. 1-800-829-CASH. An Affiliate of Weichert, Realtors®. Licensed Mortgage Banker with State Department of Banking: NJ, NY, CT,
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