US home sales and mortgage activity Article Published: 14:40 29/12/2009 Article Classification: Detroit Properties
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US existing home sales increased by a further 7.4% in November, following a 0.9% surge in October to an annualised level of 6.54m from a slightly revised 6.09m in October (originally reported as 6.10m). The US house price index added 0.6% in October having fallen 0.4% in September, a figure originally thought to be unchanged.
 
US third quarter GDP has been revised downwards to an annualised level of 2.2% from an estimated 2.8%, with private consumption, which makes up two thirds of GDP, down to 2.8% on an annualised basis from 2.9% originally.

The US Dollar closed the week close to a 3 month high against both the Euro and the Yen amid further signs of strengthening economic recovery
 
US building permits were strong adding exactly 6% in November to an annualized level of 584k units from 552k in October. The market had been looking for a rise to just 574k.
 
US mortgage applications rose by just 0.3% in the week ended December 11th following an 8.5% increase the previous week.
 
The FOMC kept Fed Funds rate ion hold yesterday at 0.25% and signalled the likelihood of rates remaining low for some time to come.