Good News, U.s. Economy | featured news

Home prices posted their biggest annual jump in more than six years in October in a sign the housing sector continues to recover, data analysis firm CoreLogic said on Tuesday.

An index measuring the number of Americans who signed contracts to buy homes in October jumped to nearly its highest level in almost six years.

The U.S. economy grew at a 2.7 percent annual rate from July through September, much faster than first thought. The strength may fade in the final months of the year if Congress and the Obama administration fail to reach a budget deal.

Cyber Monday online sales beat forecasts by nearly half a billion dollars. ComScore on Monday predicted that Cyber Monday would generate $1.5 billion in online sales, but according to Adobe, the shopping day ended up raking in $1.98 billion, which was a 17% increase compared to last year.

There is a dirty little secret about economics writing. The thing that offers the surest path to glory to front page play for a story, to lots of Web traffic, to a pat on the back from editors is doom and gloom. When we can point out something that is awful, whether it is a collapsing job market or rising poverty or skyrocketing gasoline prices, the world seems a whole lot more interested in what we have to say. It's not for nothing they call economics the dismal science.

U.S. builders started construction last month on the most single-family homes and apartments since July 2008, more evidence that the housing recovery is gaining momentum.

An increase in hiring helped lower unemployment rates in 37 U.S. states last month, the latest indication that the job market is slowly healing.

Home resales rose in October and a gauge of homebuilder sentiment climbed to a six-year high in November, a sign slow improvements in the labor market are helping the housing sector recovery gain traction.

The housing rebound stems from more people chasing fewer homes. Interest rates remain near record lows, luring buyers. And investors with cash have poured into the market.

Inventories at U.S. wholesalers rise at the fastest pace this year in September, adding to evidence that 3Q growth may have been stronger than initially thought.