Joesph Greco Weighs In: New Home Sales Vs. Pending Home Sales Data

Joespeh Greco, Managing Director of Meridian Equity Partners, weighs in on the latest new home sales and pending home sales data.

Data on Wednesday showed that sales of new single-family homes in the U.S. soared to a two-and-a-half year high to 5.7 percent. Other data released Thursday indicated that the National Association of Realtors U.S. Pending Home Sales Index for September rose only modestly in September.

The Federal Open Market Committee released a statement Wednesday saying that the Fed would continue buying $40 billion in mortgage-backed securities per month until the labor market improves and repeated that it expects to keep rates near zero until at least mid-2015.