WASHINGTON (AP) -- Businesses spent more on big-ticket goods in May and the pace of layoffs slowed in the past week, the latest evidence that the economy is gradually improving.
Existing-home sales remained at elevated levels in May on buyer response to the tax credit, characterized by stabilizing home prices and historically low mortgage interest rates, according to the National Association of Realtors®. Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady.
Clear Capital serves the mortgage and lending industries, offering clients intelligent valuation solutions for properties nationwide. The Kinnane Group has recently been approved to provide real estate appraisal services as part of their network of real estate appraisal companies serving the Massachusetts ad Rhode Island markets.
The Kinnane Group serves a long list of local lending institutions. Clear Capital, as a national based service provider, represents diversification in our client base which well positions us for continued growth as we serve the local real estate market.
By category, we have grown to serve:
Instead of a double-dip recession in housing, this week's slew of economics reports are likely to point to a long, slow melt.
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Weekly discussion topic, supplied by Michael J. McNally (McNally & Associates), posts follow micro-market updates charting activity of single family properties that contract for sale (go under agreement with buyer and seller) each and every week in our local service area.
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Analysis by Altos Research shows that home prices in most major U.S. cities have broken free of the downward spiral. The company’s 10-city composite index was up 0.2 percent in May – the first monthly increase recorded by Altos in nine months.
The Kinnane Group adds new client IAS. IAS, Integrated Asset Services is a fully integrated lending industry service provider. IAS client base is national in scope. The Kinnane Group will assist in service delivery in Bristol County Massachusetts and East Bay area of Rhode Island.
For the first time in a year, local Realtors are reporting a decrease in their optimism about the state's housing market and home prices.
In May, the Massachusetts Association of Realtors Realtor Market Index stood at 39.49, 18.98 percent higher than the 33.19 score recorded in May 2009, but down 23.71 percent from the April 2010 score of 51.76.
April's reading above 50 was the first time the score had reached the positive side of the scale in more than a year. Measured on a 100-point scale, a score of 50 is the midpoint between a "strong" (100 points) and a "weak" (0 points) market condition, MAR said.
May was the first month that Realtors reported a decrease in optimism about home prices since June 2009.
Jobs key to housing recovery
The U.S. labor market will hold the key to a recovery in the hard-hit housing sector, according to a Harvard University report released on Monday.
Record high foreclosures and a high jobless rate both pose significant challenges to the housing market, but some recovery in labor markets and record low mortgage rates could partly overcome other pressures, said the study from the Joint Center for Housing Studies at Harvard.
"If history is a guide, what happens with jobs will matter the most to the strength of the housing rebound," Eric Belsky, executive director of the center, said in a statement.
Waterfront Living at its best!
New Pond Front Listing! Just in time for great summer fun! Enjoy all that water front living offers in this 2 bedroom converted cottage with direct access to, and frontage on, the South Watuppa Pond. Perfect for sailing, skiing, fishing, swimming or simply enjoying the summer afternoons taking in the sights and sounds!
Photos at: http://www.kinnanegroup.com/fall-river.html