Choppy Progress in Housing

Reports out this week showed the housing market taking two steps forward and one step back. New—and existing—home sales numbers dipped after strong showings in November. But for 2012 as a whole, both home prices and total sales rose significantly, confirming that a recovery’s taking place in the housing market. So despite the December blips, the general trend in housing is positive and this sector is now making modest but positive contributions to headline GDP growth. For the week ended January 25, 2013, the S&P 500 Index was up 1.1% to 1,503 (for a year-to-date total return—including price change plus dividends—of about 5.5%). The yield on the 10-year U.S. Treasury note was up 11 basis points to 1.98% (for a year-to-date increase of 20 basis points). Read more  

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