Team Obama Weighs in on the State of the Market – Encourages ‘Restrained Optimism’
Although there has been a recent uptick in market activity here in the North of Montana Avenue neighborhood of Santa Monica and surrounding prime areas, recent national data provide reasons to be both positive and worried about the economy and specifically, the housing market.
The Obama Administration weighed in on the data and factors at hand and “restrained optimism” seems to be the phrase to describe how the public should respond to current economic indicators.
Wednesday’s release of the Beige Book revealed economic outlooks remain positive, but contacts were slightly more guarded in their optimism, while the Obama administration’s Housing Scorecard relayed a similar sentiment.
“Market data show promise as indicators continue to show signs of stability, though officials caution that the overall outlook remains mixed,” according to scorecard, jointly released by HUD and Treasury.
The scorecard provides an overview of the state of the market based on reports published within the public and private sectors.
Based on recently released data, the scorecard stated that sales of existing homes rose 2.4 percent in April and the supply of homes on the market decreased to 5.1 months in April from 5.2 months in March. However, distressed sales remain an issue which can partially offset market gains.