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A jump in signed contract to buy newly built homes in September brought volumes to the highest level since April of 2010. Is it enough to put a period on the statement that housing is in full recovery? Perhaps, but not an exclamation point.
It’s hard to imagine, given that the nation’s housing market is still digging itself out of an epic foreclosure crisis, that there just are not enough homes available to buy. But, that may be the case.
Real estate is and always will be local, and this recovery is becoming increasingly local. That is clear in the latest numbers on supplies of distressed homes.
CoreLogic, a private real estate data provider, said U.S. home prices rose 4.6 percent in August from a year ago, the largest year-over-year increase in more than six years. Prices are rising in most parts of the country, CoreLogic said. _ PulteGroup Inc., up 18 cents, or 1.2 percent, to $15.49.
*Credit Suisse cuts PulteGroup Inc to neutral from outperform. *Credit Suisse raises PulteGroup Inc price target to $15 from $12.50. *Credit Suisse cuts MDC Holdings Inc to underperform from neutral.
The government has been pushing more short sales at Fannie Mae and Freddie Mac through financial incentives, and banks are streamlining the process. But all the progress that has been made could end abruptly.
Stocks staged a strong comeback from their lows Monday, with the Dow posting a triple-digit recovery, but all three major indexes still finished in the red amid fresh worries over the euro zone.