This was another very volatile week for the stock market. After last weeks Dow plunging 998.50 points in the mater of 5 minutes it was a very important week to see if that trend continued. The market open up huge on Monday with a more than 350 point surge but after almost breaking 11,000 the market leveled off to being up 234 for the week.

Retail Sales for April was up .4%. Retail Sales measures consumer spending. The core rate which excludes auto, gas, and building materials fell .2% which was the biggest decline in a year. Consumer Sentiment rose in May to 73.3% from April’s 72.2% Luxury spending is back on the rise as the economy tries to rebound. Gold hit a record high on Wednesday to reach $1,249.70 an Oz. as much of Europe looks to Gold as a safe haven as worries about the next Bail Out rumors spread. Oil surprisingly has been down as it closed down $2.42 on Friday to $71.98 a barrel.

30 Year Fixed Rate Average fell to 4.96% as the 15 Year Fixed Rate Average fell to 4.32%. This is the lowest level rates have been in the year. Foreclosure filings were down 9% in April, as Bank Repossessions were up a whopping 45% from last year! The expiration of the Home Buyer Tax Credit program has already effected the housing market. Purchase apps for the week were down 9.5% and sellers are being more aggressive with their prices. In some areas, we’ve seen a 10% drop in price to off set the popular tax buyer incentive program.

The question going forward is going to be what happens with home sales going forward without this program in place and how it will affect the rest of the market. Other things to keep an eye out for is other European Countries falling subject to a Bail Out. Obviously, another Terrorist Attack will also affect the market. We were extremely lucky last week to avoid a major problem and fortunately it seems the Government is doing a good job being one step ahead of these criminals!

Have we come out of a recession and recovered? I would say it’s too early to tell but, hopefully it wont be a double dip recession that some analysts have started to talk about.

About the Me: The above Real Estate information was provided by Greg Afarian, l can be reached via email or send me a message on Twiter.  Have a home to sell on the NorthShore in Mass? I’ll help you with my social media skills for a quick transaction to help save you time and money. I service the following towns in Boston and the Greater Boston Area: Andover, North Andover, Lawrence, Methuen, Haverhill, Boxford, Bradford, Dracut, Reading, North Reading, and beyond.