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August 29, 2012

Aug 29 Market Update: GDP, pending home sales

by Central Coast Lending

Second quarter real U.S. Gross Domestic Production (GDP) fell during the second quarter from the start of the year. The GDP was revised upward from 1.5 percent to 1.7 percent. Domestic sales came in stronger than initially thought, which accounted for the change. The first quarter of 2012 had a 2.0 percent GDP pace.

The National Association of Realtors pending home sales index rose 12.4 percent in July 2012 compared to the previous year and 2.4 precent month-over-month. The Midwest (+20.2 percent) and South (+15.6 percent) showed the largest regional gains on the year, while the West (+1.3 percent) crept upward.

The Dow is up about 33 points as markets wait on the Beige book release. The Beige book is a summary of the findings of economic conditions from the 12 Federal Reserve districts.

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