Commercial & Residential Property Blog

More than 90 percent of economists think the recession is nearing its end, but they don’t expect the economy to soar anytime soon.

the Conference Board reported on Tuesday that its index of consumer confidence shot up in May to 54.9 from a revised 40.8 in April, marking the largest one-month jump in the index since April 2003.

Like the economy, the housing market seems on the threshold of recovery. But it might not cross it soon. This week brings a fresh slew of housing data.

Prices of U.S. homes in March fell a sharp 18.7% from a year earlier, though some relief appeared to be in sight as, for the second month, prices did not slide at a record rate as they had been doing since late 2007.

Housing affordability is reaching record levels with nearly 73 percent of all homes sold in the first three months of 2009 considered affordable.

The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, according to data released today.

The U.S. recession appears to be losing steam, with growth likely to resume later this year on the back of firmer household spending, a bottoming housing market and an end to inventory liquidation, U.S. Federal Reserve Chairman Ben Bernanke said Tuesday.

The housing market is looking healthier, but U.S. Housing and Urban Development Secretary Shaun Donovan said Wednesday that it is too early to tell if the recovery has taken hold. “We do have some early signs, I think, that the market is stabilizing.

The NATIONAL ASSOCIATION OF REALTORS® says more than 50 percent of March’s home sales were tied to first-time buyers, many of whom snapped up foreclosed homes and other distressed properties.

The Federal Reserve announced at its regular meeting on Wednesday that it intends to keep its key short-term interest rate – the federal-funds rate – at or near zero for the foreseeable future.