Good news – not only has consumer confidence reached a four year high, a record number of Americans are also planning to buy house.
Consumer confidence rose in November to the highest level in more than four years, a sign U.S. household spending will keep growing.
The Conference Board’s confidence index climbed to 73.7, the highest since February 2008, from a revised 73.1 reading the prior month, figures from the New York-based private research group showed today. The median forecast of 75 economists surveyed by Bloomberg projected a reading of 73.
The report showed the share of Americans planning to buy a house rose to a record high, indicating improving property values and a job market recovery are making households more willing to make long-term commitments. Sustained gains in consumer spending, the biggest part of the economy, may help overcome concern over the fiscal cliff of tax increases and government spending cuts slated for early 2013. [...]
The share planning to buy a house within the next six months jumped to 6.9 percent, the most in data going back to 1964. The previous all-time high was 5.5 percent.
The highest number of Americans in nearly 50 years are planning to buy a house.
But, you know, everyone panic and stuff your money in a mattress.
According to Bloomberg, the report would have been even better if not for Hurricane Sandy. Sandy took a significant toll on confidence in the Mid-Atlantic region.