Tuesday, December 22, 2009

As expected home sales surged in November

As we entered November it was not clear if Congress would extend the First Time homebuyer tax credit so there was a massive rush to complete sales in November and claim the credit.

"Purchases increased 7.4 percent to a 6.54 million annual rate, exceeding the highest estimate of economists surveyed by Bloomberg News, figures from the National Association of Realtors showed today in Washington."

The units purchased increased, but given that most real estate activity has been centered on the low-end of the market, I'd guess that the total dollar volume of real estate sales was down. This seems to be born out by this stat -- " 71 percent of the houses sold cost less than $250,000".

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One thing to keep in mind about jobs data coming out in 2010, we'll have to work hard to back out census workers from the data to try to get a core number. There could be 400-500,000 temporary workers added to the payroll data in coming months. These are jobs so they shouldn't be completely discounted, however, it's important to remember that these are temporary jobs that will disappear in the middle of the year.

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Cheers!

PS - As the new year creeps up on us I'm contemplating starting an online training group for the Kingston Half Marathon. I'll post a daily training schedule for everyone interested and shoot to host weekend long-runs for those interested. The Kingston Half isn't until the end of April so a 12 week training schedule doesn't really have to kick in until the middle of January.

If all goes well, there is talk of pushing forward to completing the Toronto Waterfront Marathon in September. Drop me a line in comments if you're interested.

Happy Holidays!

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