Home sales slump; business activity up
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U.S. new home sales fell a steeper-than-expected 9 percent in November, but business activity elsewhere perked up this month, according to reports on Friday that showed pockets of strength in the economy despite a housing sector meltdown.
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The bigger-than-expected decline in existing home sales came amid continuing turmoil in mortgage markets.
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Pending sales of previously owned homes plunged 12.2 percent in July and planned lay-offs by companies surged 85 percent in August due to turmoil in the subprime mortgage market, independent reports showed on Wednesday.
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WASHINGTON -- Most parts of the country saw modest economic growth in the past month, although there were pockets of sluggishness as businesses continued to cope with fallout from the troubled housing and automotive industries.
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WASHINGTON -- Business growth slowed to a 2.2 percent pace in the late summer, a much better performance than anticipated and an encouraging sign that the housing slump hasn't significantly dragged down the economy.
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U.S. existing home sales posted  their largest gain in two years last month, a sign the housing  market may be climbing out of a slump, but orders for  big-ticket factory goods fell as businesses showed wariness  about the economy's health.
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Sales of previously owned homes nudged up in November, but that was not enough to improve the broader picture of a market racked by record-high foreclosures.
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Business & money: December sales fall 0.4% despite discounting, as housing demand also points to deepening slump
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Washington, DC, Aug. 17 (UPI) -- The US Commerce Department said Tuesday a dip in mortgage rates helped boost home-building activity in July 8.3 percent after falling 7.7 percent in June.
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U.S. new home sales in May fell more  than expected while consumer confidence in June fell to a  10-month low amid anxiousness about jobs and the business  climate, adding to signs of sluggish economic growth this year.
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Offering evidence of a possible shift in the housing market, the Massachusetts Association of Realtors reported yesterday that sales of single-family homes fell for the third straight month in October and that the number of homes and condos on the market is up 7.6 percent from a year ago.
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New single-family home sales fell  4.7 percent in December to its lowest rate in nearly 13 years  while the median sales price dropped sharply and the inventory  of unsold homes climbed, according to a government report on  Monday that delivered more grim news for the battered housing  sector.
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Factory orders for costly manufactured goods in July recorded the biggest gain in four months. Meanwhile, sales of new homes slid, according to a pair of reports that offered a mixed picture of economic activity.
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The latest data indicates that slowing home sales and the rising number of properties for sale is forcing more sellers to reduce prices in many locations across the country.
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Sales of new U.S. homes unexpectedly  rose in August after July sales came in much weaker than first  thought, while new orders for durable goods fell, according to  government reports on Wednesday that signaled continued  economic softness.
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Sales of previously owned homes declined last month as the supply of unsold properties on the market ballooned and prices declined compared with those a year earlier.
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WASHINGTON -- Pending sales of existing homes dropped for the third straight month in May, a real estate trade group said Tuesday, demonstrating the persistence of the housing slump.