Excerpts from The Daily Breeze Business Section Article 12/29/06″
“EXISTING HOUSE SALES TURN AROUND: Signs of the home market’s comeback may tie in with the increased consumer confidence.”
“The U.S. economy is ending the year with a hopeful set of reports showing that consumer confidence soared in December and the worst of the downturn for the battered housing market may be over.” Consumer confidence levels were only slightly below last April’s figures, which were the highest in four years. “The National Association of Realtors reported that sales of existing homes edged up 0.6 percent in November . . . after a 0.5 percent rise in sales in October.” This “followed news Wednesday that sales of new homes rose 3.4 percent last month.”
“The better-than-expected showing for both new and existing home sales could be signaling that this year’s severe slide in housing is starting to bottom out analysts said.” Prices are expected to continue to move downward over the next few months, however “A lot of people who had been sitting on the sidelines are beginning to move back into a buying mode. . “.