Tuesday, May 03, 2005

Feds raise interest rate for 8th straight time

The Federal Reserve raised interest rates by one quarter of a point today, as expected. The short term interest rate is now 3%.

To read the press release, go here.

And, home sales remain high ...

The National Association of Realtors (N.A.R.) reports that pending home sales remain at a steady high level. N.A.R. states that "The Pending Home Sales Index, based on data collected for March, stands at 122.8, which is 0.3 percent below February but 1.7 percent above March 2004. The index is based on pending sales of existing homes, including single-family and condo. A home sale is pending when the contract has been signed but the transaction has not closed. Pending sales typically close within one or two months of signing."

In our region, N.A.R.'s stats show that "The index in the West edged up 0.6 percent in March to 129.1 and was 10.5 percent above March 2004."

To read the entire online article, go here.

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