GOOD GREAT ECONOMIC NEWS!

No the folks at COMMON CENTS aren't smoking anything. But there were some VERY encouraging economic reports issues today and yesterday. They didn't get much coverage but in normal times would have had the market skyrocketing. You may not read this anywhere else but there is some great economic news out there:

EXISTING HOME SALES UP:

NEW YORK (CNNMoney.com) -- Sales of existing homes rose in September, but prices continued to drop, according to the latest reading on the battered housing market by an industry trade group released Friday. The National Association of Realtors reported that sales by homeowners jumped in September to an annual pace of 5.18 million, up 1.4% from a year ago. It was the first time that sales rose compared to a year earlier since November 2005. September sales were up 5% from the August reading of 4.91 million, marking the largest month-to-month increase since July 2003. Economists surveyed by Briefing.com had expected the report to show existing home sales rose to an annual pace of 4.95 million. Read about it here.

GAS COSTS LESS THAN YEAR AGO:

(AP) — An OPEC attempt to stem the free-fall in oil prices fizzled Friday with crude futures dropping below $65 a barrel to lows last seen 15 months ago on world economic fears, despite the 13-member group's decision to slash production by a daily 1.5 million barrels. Oil's steep plunge has sent the price of a gallon of gasoline below year-ago levels for the first time in 2008. A gallon of regular gas fell 4 cents overnight to a new national average of $2.78, according to auto club AAA, the Oil Price Information Service and Wright Express. That's nearly a dollar less than what was paid last month and 4 cents below gas prices one year ago on Oct. 24. Gas prices are off from their July peak by about a third compared with the price of crude, which has been more than halved. There is even gas selling for UNDER $2.00 a gallon in Texas!

CORPORATE PROFITS:

• Insituform profit jumps 48%
• Amazon bucks trend, sees profit rise 48%
• Juniper Networks posts 75% jump in quarterly profit
  

Obviously things are gloomy out there. But it with home sales increasing finally and gasoline prices decreasing these are the beginning signals of an economic recovery. Spread the word...