The Commerce Department reports new home sales for November ran at a 592,000 seasonally adjusted annual rate, up 5.2% from October and 16.5% compared to a year ago. Economists expected a 585,000 annual pace for November. The median sales price was $305,400, up slightly from October but lower than $317,000 a year ago. There were 5.1 months’ worth of new homes available for sale.
The final December reading on consumer sentiment rose to 98.2, up both from the preliminary 98 and November’s final 93.8. Economists expected a final 98.3. That’s the highest reading since January 2004.
Italy’s government has set up a $20 billion backstop fund to shore up troubled banks, setting the stage for the rescue of troubled Italian lender Banca Monte dei Paschi di Siena, Italy’s third largest bank.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
