|
The Commerce Department released to related reports during the last two days. Today, their forecast for the third quarter 2009 GDP was for growth in the 3.2% range. This is the first growth in four quarters and only the second quarter of GDP growth since the beginning of 2008 (see chart). This obviously shows well for the overall economic outlook. Earlier, the Commerce Department released their report on new home sales for September 2009. They expect new home sales to fall 3.6% in September to 402,000 homes from 417,000 homes in August. Regionally, the Midwest surged 34%, the Northeast was flat, the South and West both dropped significantly. Overall, new home inventories are relatively low, job losses are abating and home affordability is relatively high, suggesting that the worst is over for the nation’s housing sector. Additional news coverage can be found here: |
