Some more positive signs that the economy is headed in the right direction. Most noticeably the recent jobs report which showed the largest gain since last November. But, the 162,000 is only a drop in the bucket when you consider the 4.5 million of job losses since January 2009, and 8.2 million since January 2008. At this rate it will be well into 2011 before we see the unemployment near the 5% mark. Probably the most hopeful sign is job growth in construction, manufacturing, retail, and hospitality.
The recent consumer confidence index also went up, a little above 50%. Seems like a long way to go here too, I believe in 2003 2004 it was close to 100%. And that should come as no surprise here, while spending did increase a bit, it still isn't enough to rocket the economy. There were a few surprises, like auto sales were up, and leading the pack was Toyota. Actually if I were in the market today, I would probably buy a Toyota despite their safety issues. The other surprise was the increase of the number of vacation homes sold, price were down, but sales of vacation homes were up.
Real estate sales continue to grow nation wide, but prices are still down. Comparing February 2009 to February 2010 we have also seen increase in sales with a mix in prices.
Condos, town houses in Evanston had a 37.5% increase in sales with 14 closed in February 2009 and 19 closed in February 2010. Median sales price also edged up from $231,500 in February 2009 to $315,000 in February 2010 a 36% increase.
Single family homes in Evanston had a 11.1% increase in sales with 9 closed in February 2009 and 10 closed in February 2010. Median sales price also edged up from $360,000 in February 2009 to $387,000 in February 2010 a 7.5% increase.
Condos and town homes on Chicago's north shore had a 63.4% increase with 41 closed in February 2009 and 67 close in February 2010. Prices decreased 12.1% from $243,000 in February 2009 to $213,000 in February 2010.
Single family homes on Chicago's north shore had a 59.6% increase with 99 closed in February 2009 and 158 close in February 2010. Prices decreased 9.2% from $515,000 in February 2009 to $467,500 in February 2010.
We have some way to go, this will not be a U shaped economy, in fact it looks like it will be more like a long L shaped one. And please no W shaped one!
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