We’ve been pounding the table that the housing market has bottomed in the United States, and we received further evidence today with purchases of previously owned houses increasing 3.4% to an annual rate of 4.62 million. The market is seeing larger purchases get done and is becoming less needy for all cash transactions. Record low mortgage rates are having the desired effects. An increase in housing is the biggest potential upside story for the U.S. economy. If we can get rid of the excess inventory and start building at an adequate level that would really improve the employment picture.
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