WEDNESDAY JUNE 2, 2010

And more good news...

This morning, pending home sales became the latest economic indicator to demonstrate strength in the US economy.  Sales for the month of April were up 6% and March's sales were revised to a 7.1% increase.  Both stats were better than economist's forecasts.  It is the highest level the National Association of Realtor's index has reached since October.  While strong, these numbers were in part fueled by the tax credit for new home purchases that expired at the end of April.  The incentive certainly helped and it remains to be seen whether the momentum in housing can be sustained without the subsidy.  Nonetheless, the housing stats are the last of a long string of positive economic reports.  Sooner or later, the market will take notice. 

POSTED AT 1899-12-30 10:16:00.0

KEN ENTENMANN, CFA
SENIOR VICE PRESIDENT AND
THE DIRECTOR OF INVESTMENT MANAGEMENT SERVICES

Ken is a Senior Vice President and the Director of the Trust and Investment Services at Alliance Bank, N.A. He has 23 years of investment experience and oversees the management of assets totaling $1 billion. He holds a B.S. in Applied Economics and Business Management from Cornell University and an M.B.A. from the William E. Simon Graduate School of Business Administration at the University of Rochester. He has also earned his Chartered Financial Analyst designation. He is a member of the Executive Committee of the Trust Division of the New York Banker's Association. He is also a director of the Central New York Community Foundation.

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