(As of 7:30 am PST)
Existing home sales jumped by
6.5% and home inventories jumped as well with more people putting up ‘for sale’
signs to take advantage of soaring prices.
Interest rates continue to rise, but it is not deterring home buying. It feels as if people on the fence are
jumping into homes, fearing that the continuing surge in interest rates might
price them out of the market down the road.
The spectacular home sales number did little for stocks as markets
opened mostly lower. Fed fears once
again trump positive data. Gold is down along with oil. The US dollar is up against most foreign
currencies. It feels as if a
consolidation phase is solidifying a base foundation and that an upward surge
might be around the corner.
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