Once again it is the Western states that are leading the way in the residential real estate recovery. The National Association of Realtors reported this morning that pending home sales -- homes that are in the escrow process but have not completed the change in ownership -- rose nationwide by 6.1 percent in September. However, here in the West, pending sales rose by 10.2 percent and are 23.7 percent higher than the same month a year ago. "As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers," said Lawrence Yun, chief economist for the NAR.
*****
Another report from Comerica Bank released this morning says its California economic activity index rose in September. It has increased 12 percent since hitting bottom in March and also now exceeds its previous peak reached in January 2008. Only one component -- employment -- out of nine in the index was lower in September. "Our index is showing broad-based improvement, with each of the other eight components contributing to our uptrend over the past six months," said economist Dana Johnson, who expects employment in California to start trending higher in the first half of 2010.
*****
There will be many other economic reports rolling out this week, including the much-anticipated October employment report. People will be waiting to see if the jobless rate goes over 10 percent and if payrolls continue to decline at an increasingly slower rate. And, of course, there is a two-day meeting of the Fed starting tomorrow with the official announcement due at 11:15 a.m. Pacific time on Wednesday.
*****
The American Red Cross and Pitney Bowes are kicking off their third annual Holiday Mail for Heroes campaign. Last year more than 1.4 million holiday greetings were sent to military men and women, their families and veterans. Cards can be sent to Holiday Mail for Heroes, P.O. Box 5456, Capitol Heights, MD 20791-5456. The sponsors will screen the cards for hazardous materials -- a sad commentary about our world today -- and then deliver them to military bases, hospitals and other locations at home and abroad. Cards must be received no later than Dec. 7.
*****
I spent a long weekend in New York, a birthday present from my wife. The town was in massive sports mode with the people crazy about the Yankees and tens of thousands of runners in town for the New York Marathon. I know the economy is still supposed to be struggling but everywhere I went people were out and about. Went to the famous Macy's store and it was jammed. Saw a couple of Broadway shows and they were standing room only. Restaurants were completely booked -- and very, very expensive. One interesting trend: went to two pricey restaurants and many tables were occupied by couples with infant children. Never would have seen that a few years ago. And, by the way, even the finest diners don't have any dress codes.
*****
Talk about crowds, we flew Southwest Airlines and coming home last night the planes were overbooked. At the Chicago connection at Midway the airline was offering overnight hotel accommodations, guaranteed first flight out the next morning, a voucher for future travel and $200 cash to give up a seat. Speaking of the layover, we spent a couple of hours in the Harry Caray restaurant at the airport watching some football games and learned a couple of things. People there love the Bears and hate the Packers and Vikings. A woman who looked to be about 80 was sitting at the bar decked out completely in Bears gear -- she was even wearing her baseball cap backwards -- and used some rather harsh language every time the Packers scored. Thank goodness Da Bears had whooped up on the Browns earlier in the day.
Print
E-Mail
