Northern Nevada’s economy continues to climb, with big tech leading the way

In 2011, Nevada, like many states, was getting hit hard by the unrelenting jabs of the Great Recession.

The Silver State saw 175,000 of its jobs knocked out, had a wobbly unemployment rate of 14 percent and was tagged with an $800 million bill it owed the federal government in unemployment claims.

Six years later, Nevada has rallied back and then some.

From 2011 to 2017, Nevada has created more than 250,000 jobs and dropped its unemployment rate to a mere 4 percent. Moreover, the state has not only paid off its $800 million debt to the federal government, it now has a staggering $1 billion in the bank.

Nevada Gov. Brian Sandoval relayed as much to a throng of 800 business members — who received those stats with raucous applause — during the ALLIANCE regional business expo, held Thursday, Jan. 25 at the Peppermill Resort Spa Casino in Reno. ALLIANCE is a joint effort between the Economic Development Authority of Western Nevada (EDAWN), the Reno-Sparks Chamber of Commerce and the Reno-Sparks Convention and Visitors Authority (RSCVA) to foster economic growth in Northern Nevada.

“Today, we’re No. 1 in the country in job growth,” Sandoval said in an interview with the media. “Seven years ago, we literally had to borrow money (from the federal government) in order to pay unemployment benefits. So not only did we pay that off, we have a billion dollars in the bank.

“And that really speaks to the business community — they’re the ones that pulled that increment.”

Indeed, the economic boom has been felt strongly throughout the state, especially in Northern Nevada.

THE TECH EFFECT

A key player in the uptick is the tech industry, which has surged into the greater Reno area in the last five years. In fact, since 2012, 75 new advanced manufacturing companies have planted in the region, with Tesla making the biggest imprint — in more ways than one.

Located at the Tahoe-Reno Industrial Center in Sparks, the Tesla Gigafactory 1, which has a current footprint of more than 1.9 million square feet, is projected to employ 6,500 people in 2018. At full capacity, Tesla is projected to employ as many as 10,000 people, said EDAWN President and CEO Mike Kazmierski.

“We worked really hard to bring advanced manufacturing in over the last six years and have been very successful,” Kazmierski said. “Manufacturing in the 21st century is about technology, software, robotics … all the things that will help us grow our tech sector going forward. That’s really our future.”

Kazmierski said that dovetails with EDAWN’s focus on bringing better jobs and higher wages to the region.

“We’re really shifting much more effectively to the technology sector,” he said. “And what’s happening in California and in the Bay Area, many of those companies have said ‘enough’ in California. And we want to be one of those options for them as they look to relocate.”

AFFORDABLE HOUSING CRUNCH

There is, however, a pivotal factor tied to Northern Nevada’s ability to keep the pace: affordable housing.

“It’s the only thing that keeps me up at night,” Kazmierski said. “If someone says, what’s going to slow things down? What’s going to stop us from reaching our potential? It’s affordable housing. Because we’ve been slow to build, we caused the housing prices to get too high.”

Sandoval and his constituents are well aware. He said the state has been working hard to approve industrial bonds, which allow for the construction of more affordable housing.

“But, it’s constantly a catch-up,” Sandoval continued. “The construction industry is a little gun-shy after the recession. And so we want to make sure that they feel comfortable in making those investments. But the state’s participating, the local government’s participating, and that’s been a No. 1 priority.”

RISE IN VISITORS

In addition to attracting more companies, Northern Nevada has seen an influx in visitors and corporate travelers, especially in the Reno-Tahoe area.

“The regional economy is doing great right now,” said Phil DeLone, president and CEO of the RSCVA. “I think here in Northern Nevada a lot of that’s fueled by the four-to-five hundred companies that have moved into the region. That’s provided us a good base of inbound corporate travelers.”

What’s more, DeLone said the region is at “well over” 3 million cash-occupied room nights, and has seen a historic $347 million in taxable room revenue — in other words, revenue that the hotels and motels collect.

“Obviously, the hospitality industry is going to go in peaks and valleys,” DeLone said. “So we’re always making sure that we keep our eye on the ball and that our resorts are well taken care of.”

Keeping you in the know,

All my best....



Jeffrey Corman

Realtor

INFO THAT HITS US WHERE WE LIVE... The National Association of Realtors (NAR) reported Pending Home Sales rose in December for the third month in a row, ending 0.5% ahead of a year ago. This index of contracts signed on existing homes foretells sales gains a few months out.

The NAR's chief economist predicts existing home sales will hit 5.54 million units in 2018: "the larger paychecks most households will see from the tax cuts...and the healthy labor economy and job market will continue to boost demand." But tight inventories in many markets remain a concern

The Census Bureau reports homeownership in Q4 reached its highest level in three years. Zillow's Senior Economist feels "after bouncing around near 50-year lows for the past few years, the national homeownership rate finally seems to be gaining sustainable momentum."

BUSINESS TIP OF THE WEEK... Prospects care more about their needs than your qualifications. Get them talking about their hopes and dreams. Then say how you'll help achieve them.

>> Review of Last Week

GOOD NEWS IS BAD NEWS... The bad news was stocks tanked, but that was blamed on the good news of the January jobs report. A better-than-expected 200,000 jobs were added, and average hourly earnings (wages) are now up 2.9% year-over-year, the highest growth rate since 2009.

Unfortunately, this wage growth can also drive up inflation, which could encourage the Fed to do more than the two additional rate hikes expected this year. Who knows. Some felt the big stock selloff was just a normal correction in a market that's come a little too far a little too fast.

More evidence of a faster growing economy came with Personal Income AND Spending up nicely in December, with Core PCE Prices, the Fed's favorite inflation read, still a ways from their 2% target. And University of Michigan Consumer Sentiment on the economy remains high.

The week ended with the Dow down 4.1%, to 25521; the S&P 500 down 3.9%, to 2762; and the Nasdaq down 3.5%, to 7241.

Bonds headed south from the same inflation concerns that hurt stocks. The 30YR FNMA 4.0% bond we watch fell by .73, to $102.83. In Freddie Mac's latest Primary Mortgage Market Survey, national average 30-year fixed mortgage rates edged up. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... A recent survey reports 67% of Americans expect their finances to improve in 2018. Millennials were the most optimistic demographic, with 79% seeing financial improvement.

Almost anywhere you drive in the Truckee Meadows, you can see apartment complexes rising from bare ground and cracked parking lots.

An estimated 3,762 units are currently under construction, while 6,209 units are in various stages of the planning process.

But it will still take years before new construction makes a dent in demand that has pushed the region's rents up faster than most areas in the nation.

"I think, definitely, we'll continue to see rents creeping up slowly," Sarah Fye, appraiser intern for Johnson Perkins Griffin Real Estate Appraisers & Consultants (JPG), told the Northern Nevada Business Weekly in a recent interview.

Fye was in the process of compiling JPG's fourth quarter 2017 apartment report. Final numbers were not yet available by this story's deadline, but she expected the report to be similar to the third quarter when rents had increased about 2.5 percent and the vacancy rate hung below 3 percent.

New apartment buildings have been opening in the market for a few years now, from completely new construction, to old hotels receiving new life as urban apartments.

However, rents continue to rise.

"Those properties haven't affected the market," Fye said. "Expect newer properties to continue to be absorbed. I don't think (construction) is happening fast enough to keep up with the job growth.

"We're just shy of 4,000 units under construction. We'll see them come online in two years, then it will start to help. It's going to take time. We're not going to see (relief) anytime soon."

The construction industry is also keeping a close eye on the tug-of-war between new construction and growing demand.

"Multifamily homes are going up like crazy," said Aaron West, CEO of Nevada Builders Alliance. "We are seeing significantly more multifamily construction: 2,700 units permitted this year (2017), compared to 1,700 to 1,800 last year (2016)."

Nevertheless, the demand for apartments has also increased as younger generations enter the housing market. Younger people often don't have the resources for a down payment, and even when they do, many prefer to rent, he said.

"Their lifestyle decisions are such that maybe they don't want to buy," West said. "They want to be flexible enough to travel or enjoy more entertainment."

With changing demographics as well as population growth increasing the demand for apartment units, some developers — who in the past have focused on single-family construction — are adding additional multifamily products to their development projects.

Reno Land Inc. is one of those companies. Among its projects currently under construction or planned, Summit Club off Mt. Rose Highway, has 584 units under construction with 20 percent set aside for workforce housing.

Meanwhile, the Park Lane project on the long-empty site of the demolished Park Lake Mall broke ground midyear 2017. It will include 1,619 apartment units along with retail, dining, open space and entertainment at the south end of Reno's Midtown. In Fernley, Reno Land is constructing a 200-unit multifamily complex.

Carson City is also seeing multifamily construction pick up. In recent months, approved projects include 105 townhouse units for the Mills Landing project off Highway 50 East; 147 townhouses for Arbor Villas off South Roop Street; Carson Hills Apartments, a 300-multifamily-unit project behind Casino Fandango; and the 150-unit Villas at Silver Oak project behind Glen Eagle's Restaurant & Lounge.

Further, there are rumors that Ryder is looking at taking on a 300-unit apartment complex in Carson City, West said.

INFO THAT HITS US WHERE WE LIVE... Just like Housing Starts the prior week, New Home Sales closed out 2017 at their highest annual total in a decade, 14.1% ahead of a year ago. They were down 9.3% in December, but the post-hurricanes boost is over. Read more.

Existing Home Sales ended the year in even better shape, posting their best totals since 2006. They slipped 3.6% in December, but still finished 1.1% up from a year ago. Demand stays strong, but inventories are a concern in many markets.

The latest Mortgage Bankers Association Weekly Applications Survey reported the seasonally adjusted Purchase Index up 6%, to its highest level since April 2010.

BUSINESS TIP OF THE WEEK... Always follow up. Respond promptly to emails, voice mails and online comments from everyone--current, potential and past clients, your community and referral network.

>> Review of Last Week

WHAT? ANOTHER RECORD-BREAKING WEEK?... Yup! Investors pushed stocks to new record highs, as the Dow, S&P 500 and Nasdaq all bested 2% gains for the week, powered by companies' stronger-than-expected earnings reports, with 81% beating sales expectations!

The Q4 GDP-Advance estimate showed 2.6% economic growth, lower-than-expected, but a nice improvement over the 1.8% Q4 growth a year ago. Plus, consumer spending (about 70% of GDP) was up 3.8%, while business spending on equipment shot up 11.4%.

That investment in equipment was reflected in December's Durable Goods Orders, up an unexpected 2.9%, which economists said confirms an improving economy. Finally, both weekly initial jobless claims and continuing claims remain historically low.

The week ended with the Dow UP 2.1%, to 26617; the S&P 500 UP 2.2%, to 2873; and the Nasdaq UP 2.3%, to 7506.

Many bonds ended in negative territory, though the damage wasn't too bad to the 30YR FNMA 4.0% bond we watch, down just .02, to $103.56. Freddie Mac's latest Primary Mortgage Market Survey had national average 30-year fixed mortgage rates up for the third week in a row, but still below rates a year ago. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... Trulia's latest rental analysis says rents went up 3.1% overall in 2017, even as "the number of households renting has been declining while homeownership increased."

>> This Week's Forecast

EVERYTHING UP BUT THE FED RATE... No change is expected with the FOMC Rate Decision. The Pending Home Sales index of contracts signed on existing homes is forecast up, foretelling higher sales a few months out. Jobs are key to housing, so predicted gains in Nonfarm Payrolls and Hourly Earnings are welcome. The ISM Index and Chicago PMI may slip, but still show strong manufacturing growth.

Here are quarterly housing and rate charts. Please feel free to share. As always, I am here for you , don't hesitate to call or email.

30 Year FHLMC Rates On 30-Year Fixed-Rate Mortgage Chart

200 Year Historical Rates On 30-Year Fixed-Rate Mortgage Chart

Housing Prices Chart

S&P/Case-Shiller Home Price Indices Chart

S&P/Case-Shiller (20 City) Home Price Indices Chart

Hi. With all of the talk of changes to Income Tax filing, I thought I would put together a synopsis of the changes. As always, please get the advice of a CPA, as I am "only" a Realtor.

Personal Filing Changes*

1st of all The Changes are Temporary

Many of the following changes in the tax code are Temporary and apply for tax years beginning before Jan 1, 2026. Whereas most of the business provisions are permanent

Personal Exemption Suspended

Personal exemptions from income were generally allowed for spouses and dependents, the amount for 2018 was going to be $4150. Under the new law there is no personal exemption.

State and Local Tax Deduction Limited (SALT)

The deduction for state and local taxes is now limited to $10,000 whereas before there was no limit aside from the AMT.

Mortgage interest

Can currently be deduction up to $1,000,000. The new tax law limits the deduction to $750,000. The mortgage deduction is based on acquisition indebtedness (Buy build or improve). The deduction applies to primary residences and as many 2nd homes as you want up to the $750,000 max aggregate.

Miscellaneous Deductions Gone

These were always subject to a floor which made the deduction useless for most people, however most CPA put down 2106 expenses for their clients even though they could not get a deduction which actually hurt mortgage applicants.

Expanded Use for 529 Accounts

Currently a 529 savings account could only be used for qualified higher education. The new definition now includes tuition at an elementary or secondary public, private or religious school.

Estate Tax

Essentially the estate/gift tax doubled from $5.6 for individuals to approximately $11.2 million for individuals and from $$11.2 million for married couples to approximately $22.4 million

Year End | Lake Tahoe, Truckee, Reno & Surrounding Areas

Sierra Sotheby’s International Realty compiles quarterly micro market statistics from Reno, Truckee and Lake Tahoe's four different multiple listing services to help you better understand values, market trends, identify opportunities and make informed real estate decisions.

Follow the links below to review regional micro-market reports drilled down by neighborhood. If your community is not listed or you’re unsure what the data means for your situation, please don't hesitate to contact me.

CLICK ON THE LINKS BELOW TO ACCESS DATA FOR YOUR AREA OF INTEREST

EAST SHORE | INCLINE VILLAGE | NORTH & WEST SHORE | RENO | SOUTH LAKE | TRUCKEE

Data is current as of January, 5, 2018. Information is deemed reliable but not guaranteed.

Understanding Taxes in the New Year

Follow the link below for useful information to help you navigate tax changes in the new year. Please be sure to consult your tax advisor to better understand how these changes may affect your personal situation.

READ MORE>>>

I am proud to have sold one of the 15 most expensive homes in Reno in 5017. 885 Hill Lane, Reno.

The rising cost of housing in the last few years is making home ownership a tough proposition for Reno home buyers. We look at what’s fueling the Biggest Little City’s housing crisis and potential options for people looking for a new place to call home

Top 15 Reno home sales of 2017

If you had the dough in 2017, Reno had some mighty fine digs.

The most expensive home sold in the city this past year, an 8,600-square-foot number on Bordeaux Drive, fetched $3.4 million. To make this list of the 15 priciest pads took a sale of nearly $2 million.

No. 2 on the list was perhaps the year's most high-profile sale: the art-filled architecturally-distinctive home sold by gallery owners Turkey and Peter Stremmel. The home, with its earthen yellow and red exterior, has long been a landmark in the West Reno foothills.

Juniper Hill Road featured three homes among the year's 15 most expensive sales, including this residence at No. 655. (Photo: Provided to RGJ Media)

A Juniper Hill Road property commanded the top price per square foot -- nearly $518 -- though that figure reflected a high purchase price (because of acreage) combined with a relatively smaller residence.

Five of the top 15 sales were in Montreux Golf & Country Club, four lay in the posh precincts south of Windy Hill, three were on Juniper Hill Road in West Reno, and one home each was in Verdi, Arrowcreek, and the North Valleys.

Dian VanderWell, a Realtor with Stefani & Associates, gathered information for this story from public property records and from the Northern Nevada Regional MLS.

Square foot figures do not include unfinished space, garages or guest houses. Indicated sales are as of record through Dec. 15.

20282 Bordeaux Drive sold for $3.4 million. (Photo: Provided to RGJ Media)

1. 20282 Bordeaux Drive sold for $3.4 million. 5 bedrooms, 5 full baths, 8590 square feet.

339 Anitra Drive sold for $3.25 million. (Photo: Provided to RGJ Media)

2. 339 Anitra Drive sold for $3.25 million. 4 bedrooms, 5 full baths, 6515 square feet.

155 Juniper Hill Road sold for $2.65 million. (Photo: Provided to RGJ Media)

3 tie. 155 Juniper Hill Road sold for $2.65 million. 3 bedrooms, 6 full baths, 5119 square feet.

20 Lurie Lane sold for $2.65 million. (Photo: Provided to RGJ Media)

3 tie. 20 Lurie Lane sold for $2.65 million. 5 bedrooms, 6 full baths, 7155 square feet.

905 Juniper Hill Road sold for $2.5 million. (Photo: Provided to RGJ Media)

5. 905 Juniper Hill Road sold for $2.5 million. 4 bedrooms, 2 full baths, 3290 square feet

5915 Lausanne Drive sold for $2.45 million. (Photo: Provided to RGJ Media)

6. 5915 Lausanne Drive sold for $2.45 million. 4 bedrooms, 4 full baths, 5089 square feet.

5820 Lausanne Drive sold for $2.42 million. (Photo: Provided to RGJ Media)

7. 5820 Lausanne Drive sold for $2.42 million. 4 bedrooms, 4 full baths, 6618 square feet.

8. 655 Juniper Hill Road sold for for $2.375 million. 6 bedrooms, 5 full baths, 6715 square feet.

8395 Panorama Drive sold for $2.33 million. (Photo: Provided to RGJ Media)

9. 8395 Panorama Drive sold for $2.33 million. 3 bedrooms, 3 full baths, 6635 square feet.

14700 Sto Lat Lane sold for $2.3 million. (Photo: Provided to RGJ Media)

10. 14700 Sto Lat Lane sold for $2.3 million. 4 bedrooms, 3 full baths, 4815 square feet.

20162 Bordeaux Drive sold for $2.295 million. (Photo: Provided to RGJ Media)

11. 20162 Bordeaux Drive sold for $2.295 million. 5 bedrooms, 5 full baths, 6346 square feet.

885 Hill Lane sold for $2.25 million. (Photo: Provided to RGJ Media)

12. 885 Hill Lane sold for $2.25 million. 4 bedrooms, 5 full baths, 6640 square feet.

6070 Lake Geneva Drive sold for $2.125 million. (Photo: Provided to RGJ Media)

13. 6070 Lake Geneva Drive sold for $2.125 million. 5 bedrooms, 5 full baths, 7193 square feet.

11155 Boulder Glen Way sold for $1.998 million. (Photo: Provided to RGJ Media)

14. 11155 Boulder Glen Way sold for for $1.998 million. 5 bedrooms, 5 full baths, 6006 square feet.

10047 Trailside Court sold for $1.95 million. (Photo: Provided to RGJ Media)

15. 10047 Trailside Court sold for $1.95 million. 6 bedrooms, 5 full baths, 8743 square feet.

INFO THAT HITS US WHERE WE LIVE... The last week of the year gave us the encouraging report that Pending Home Sales, the National Association of Realtors (NAR) index of contracts signed on existing homes, edged ahead 0.2% in November. The chief economist of a major financial services firm said this suggests that "December existing sales will also rise...to their highest annual sales pace since 2006." Indeed, even though the monthly gain was modest, the index notched its highest read since June, and is 0.8% ahead of last year.

The NAR chief economist concurred: "The housing market is closing the year on a stronger note...backed by solid job creation and an economy that has kicked into a higher gear." The NAR predicts existing home sales will end the year at 5.54 million, up 1.7% from 2016's 5.45 million sales. But they see 2018 sales at 5.52 million, with price growth moderating to around 2%. However, the senior economist of a national listing site expects continued demand: "An economy that keeps adding jobs, and wages that continue to grow, both have consumers feeling confident."

BUSINESS TIP OF THE WEEK... Some keys to success--always follow up; put clients' interests first; listen closely; communicate clearly; hone negotiating skills; stay in contact with clients and your business sphere.

>> Review of Last Week

HAPPY OLD YEAR!... Four days of trading on Wall Street ended with the three major market indexes down for the week, largely from a late-Friday sell-off at very light volumes, as many investors took off for the holidays. This ended a year that was anything but down. In 2017, the Dow went up 25.1% after setting 71 closing records the past twelve months, a record in itself. The S&P 500 went up 19.4% during the year, while the Nasdaq gained 28.2%. This was its sixth straight yearly increase, its longest streak since the one from 1975 to 1980.

We follow where stock prices go because over the years market performance has proven to be a leading indicator of where the U.S. economy is headed. And as the economy goes, especially jobs and incomes, so goes the housing market. We also have economic data to consider. Last week saw Consumer Confidence hit a 17-year high, and the Chicago PMI measure of Midwest manufacturing reach 67.6, the best read in more than six years. Its New Orders Index was the highest in three and a half years and its Production Index the highest since 1983!

The week ended with the Dow down 0.1%, to 24719; the S&P 500 down 0.4%, to 2674; and the Nasdaq down 0.8%, to 6903.

Bonds, led by Treasuries, ended the year broadly higher. The 30YR FNMA 4.0% bond we watch finished the week UP .31, at $104.59. National average 30-year fixed mortgage rates edged higher in Freddie Mac's Primary Mortgage Market Survey for the week ending December 28. But their deputy chief economist noted, "rates are still below the levels we saw at the end of last year and early part of 2017. Mortgage rates have remained relatively low all year." Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... The NAR reports that sellers' use of real estate agents hit an all time high in 2017. For-sale-by-owner (FSBO) transactions were only 8% of sales, their lowest share since the NAR began tracking this in 1981.

Last week saw three housing market reports that surprised to the upside. Existing Home Sales shot up 5.6% in November, to a 5.81 million annual rate, their fastest sales pace since 2006. Demand stays strong (44% of homes sold in less than a month), though supply in many areas is tight. November New Home Sales exploded up 17.5% to a 733,000 annual rate, and are now up 26.6% the past year, to their highest rate in ten years. Housing Starts grew 3.3% in November, to a 1.297 million annual rate, up 12.9% for the year.

Builders are upbeat--the latest National Association of Home Builders confidence index is at its highest level since 1999. Friday, the President signed the Tax Cuts & Jobs Act. For homeowners, the capital gains exclusion on home sales, and the mortgage interest deduction on existing mortgages were left unchanged. But the interest deduction on new mortgages is only available up to $750,000 (down from $1 million), and all state and local tax deductions are capped at $10,000. As always, please check with a tax professional before making any tax-related decisions.

BUSINESS TIP OF THE WEEK... Plan for success in 2018. Write down your goals--revenue, number of prospects, clients, projects, new referral partners. Lay out these goals by month, quarter and for the year, then check your progress at the start of each month.

>> Review of Last Week

HOLIDAY CHEER... All anyone on Wall Street wanted from Santa were some tax cuts, and Friday morning the President obliged, signing into law the biggest tax code overhaul in more than thirty years. Its centerpiece is a cut in the corporate tax rate from 35% to 21%, plus cuts in individual tax rates.Critics of the bill say lower taxes will raise the deficit, supporters claim the boost in economic growth, jobs and wages resulting from the tax cuts will ultimately increase government revenues. Investors sided with the supporters, cheerfully sending all three major market indexes ahead for the week.

Even before the new tax cuts kick in on January 1, the economy keeps showing signs of decent growth. Last week we saw those impressive housing reports covered above. In addition, Personal Spending bumped up 0.6%, a key indicator, since 70% of the economy is driven by consumers. The Core PCE Prices index, the Fed's favorite inflation measure, is up 1.5% year-over-year, edging closer to the central bank's 2% long-run target. The University of Michigan Consumer Sentiment index remains up there, with its average of 96.8 for 2017, the highest since 2000.

The week ended with the Dow UP 0.4%, to 24754; the S&P 500 UP 0.3%, to 2683; and the Nasdaq UP 0.3%, to 6960.

Bonds edged lower as Friday's good economic data was capped with the blow-out New Home Sales report. The 30YR FNMA 4.0% bond we watch finished the week down .38, at $104.28. For the week ending December 21, Freddie Mac's Primary Mortgage Market Survey had national average 30-year fixed mortgage rates inching up. But their Deputy Chief Economist noted rates are "below...last year at this time." Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... Freddie Mac's November 2017 Outlook says 2017 is on track to be the best year in housing in a decade, with 6.13 million home sales and 1.2 million housing starts..

>> This Week's Forecast

PENDING HOME SALES OFF, MIDWEST MANUFACTURING, CONSUMER CONFIDENCE GROW... Contract signings on existing homes measured by the Pending Home Sales index, are forecast to slip a bit in November after the prior month's strong gain. But Consumer Confidence and the Chicago PMI reads on factory activity in the Midwest are expected to continue showing strong expansion