Check it out. My condo purchase last month is helping the economy.
Home resales in the U.S. rose more than forecast in September, aided by foreclosure-driven declines in prices that made properties more affordable.
Purchases of existing homes jumped 5.5 percent last month to a 5.18 million annual pace, the highest level in a year, the National Association of Realtors said today in Washington. The median price dropped 9 percent.
By the way, for the commenter who felt he had to tell me what a mistake I made in not waiting (while living in The Craphole that I hated) another year or two to buy, well, I’m thinking I was right.
Foreclosure-related sales accounted for 35 percent to 40 percent of last month’s total, the agents’ group said. Of those, about 80 percent were for primary residence, higher than the average of about 75 percent and signaling that investors are not a primary reason for the jump, said Lawrence Yun, the group’s chief economist.
“In terms of sales, I think we have bottomed out,” Yun said in a press conference. “The first step to housing-market stabilization is rising home sales. Hopefully, this trend can continue.”
Yes, and I’m employing a legion of people and spending money on all sorts of things necessary for my home. Besides hiring a cleaning service once a month (which I did not do in my apartment), I now have a bed in my guestroom and have been shopping for lamps, dishes, end tables, a dining room set—all kinds of things I need for my new home. From putting in a programmable thermostat to buying new blinds to supplying three bathrooms instead of two, I’m a one-woman purchasing storm. Of course, I’m shopping for bargains—I saved hundreds on the bed, and I go to a nearby Wal-Mart, or use the ubiquitous BB&B coupon—but I’m still putting money into our troubled economy.
Of course, if Barack Obama raises my taxes, that will stop the spending spree. Big-time.