12/26/11 – the Grio and CNBC Market Update
We will also check the pulse of pending home sales with the November report, which looks at contract activity for existing homes...
Before ringing in the New Year, investors wrap up 2011 trading and awaiting reports on housing and consumer confidence.
We will get two reads on housing. First up is the October case-shiller home price index report, which tracks price changes in 20 metro areas. In September, home prices fell six tenths of one percent and were down 3.6 percent from a year ago—signaling home prices have not bottomed yet. Atlanta, Phoenix and Las Vegas posted some of the biggest losses.
We will also check the pulse of pending home sales with the November report, which looks at contract activity for existing homes. In October, pending home sales jumped 10.4 percent boosted by lower home prices and interest rates.
How do you feel about the economy? We will find out with the December consumer confidence report. In November, confidence jumped to a 56 reading—the highest since July and a sharp reversal from the previous month—as consumers felt better about their current situation and are more optimistic on the future. Consumer confidence is a gauge of consumer spending.
And that is your CNBC market look ahead for The Grio.com.
