Market, Real Estates Updates

1. DQ News — “Southern California home sales rose to the highest level for the month of August in six years, fueled by low mortgage rates, a healthier move-up market and near-record levels of investor and cash buying. The median price paid for a home rose to a four-year high, lifted partly by the ongoing shift toward fewer foreclosure resales and more mid- to high-end deals.”

MP: August home sales in Southern California increased 14.2% compared to last yeaer, and the median sales price increased by 10.8% to the highest level since August 2008.

2. DQ News — “The Bay Area posted its strongest home sales for the month of August in six years, the result of low mortgage interest rates, an improving economy and increasing demand in mid- to move-up market segments. The median price paid for a home eased back a notch from June and July, but was well ahead of last year for the fifth consecutive month.”

MP: Sales in the Bay Area increased 14.2% above last year, and median prices by 10.8%.

3. The Bloomberg U.S. Financial Conditions Index closed today at the highest level since early July 2007, more than five years ago. The index is updated daily by Bloomberg, and assesses the relative strength/weakness of the U.S. money market, bond market and equity market, and is considered a useful gauge of bank lending conditions and the overall availability of credit in the economy.

4. The S&P 500 Equal Weighted Index closed today at the highest level in the index’s history, which goes back to 2003.

5. According to yesterday’s September MarketPulse Report from CoreLogic, the housing market is accelerating in all areas, sales are up, mortgage performance is improving, and prices are rapidly improving.

6. The S&P 500 Homebuilders Index closed today at the highest level since early August 2007, more than five years ago.

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About Mark J. Perry 262 Articles

Affiliation: University of Michigan

Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.

He holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University in Washington, D.C. and an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota.

Since 1997, Professor Perry has been a member of the Board of Scholars for the Mackinac Center for Public Policy, a nonpartisan research and public policy institute in Michigan.

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