Salient to Investors:
Purchases of existing houses in October exceeded the median economic forecast, property values rose over the past 12 months by the most in seven years, and inventories dropped to the lowest level in almost a decade.
Ward McCarthy at Jefferies said housing is cheap, borrowing is cheap, and it’s a great time to buy.
The NAHB /Wells Fargo sentiment gauge increased to the highest level since May 2006.
The median price of an existing home climbed 11.1 percent from October 2011, the biggest year-over-year gain since November 2005.
Morgan Stanley said home prices are recovering as distressed property makes up a smaller share of the market and purchases shift toward short sales rather than foreclosures.
Rightmove said London asking prices increased for a third month in a row in November.