No End In Sight: More And More Bad News
ECONOMY The Labor Department reported that jobless claims jumped by 32,000 to a seasonally adjusted 493,000 last week The Commerce Department said that new orders to factories for big-ticket manufactured goods fell by 4.5 percent last month The average price of a new home fell in August by 11.8 percent to $263,900, the biggest one-month [...]
More On Housing Sector
Overvalue-Undervalue Valuation 54 metro areas were judged to be overvalued during Q1 2007, representing a decline from 62 metro areas during the Q3 2006. More important were declines in the share of all housing units, and real estate assets, judged to be overvalued. In terms of housing units, the percent deemed to be overvalued declined [...]
Weak Housing Market Affects Stock Market
The National Association of Realtors (NAR) expected the home prices to finish down for the year, which would be the first drop since 1968. Single-family homes are expected to decline by 1%,to $219,800. The number of home sales is also expected to dip from 6.48 million in 2006 to 6.29 million in 2007, a drop [...]