Home sales fall,  job market resilient
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Sales of new homes plunged in August and prices posted their biggest year-on-year drop in nearly 37 years, the Commerce Department reported on Thursday, underlining the depth of problems facing the U.S. housing sector.
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Business & money: Housing market slows as mortgage approvals fall.
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WASHINGTON -- Pending sales of existing homes fell in July to the lowest level in nearly six years as the mortgage market's troubles made it tough for many borrowers to finalize home purchases.
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Pending sales of existing U.S. homes hit the lowest level in more than five years in May and factory orders dipped modestly, according to data on Tuesday that suggested the economy was struggling.
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The drop in initial jobless claims points to resilient labor market even as the economy slows.
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Sales of existing homes fell more than expected in April while prices slid for a record ninth consecutive month, indicating further troubles ahead for the housing market.
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Mounting concerns about the subprime mortgage market knocked stocks down from highs on Friday, but major indexes held onto positive ground on a report showing a resilient job market.
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Many of the nation's biggest companies have cut back their sales expectations in recent days and the financial system is showing signs of new stress, evidence that the U.S. economy is more threatened by the sharp downturn in housing than it appeared to be only a few weeks ago.
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NEW YORK -- American shoppers took a breather last month as the worst housing recession in 16 years eroded demand for building materials, appliances, and furniture.
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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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Sales of new homes plunged in August and prices posted their biggest year-on-year drop in nearly 37 years, the U.S. Commerce Department said on Thursday, underlining the depth of problems facing the housing sector.
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Empty homes and for-sale signs clutter neighborhoods. You've lost your job or know someone who has. Your paycheck and nest egg are taking a hit. Could the country be in recession?
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U.S. factory orders suffered the steepest drop in six years last month and an index of homes sales fell, according to data on Tuesday highlighting weak spots in the economy that could derail its recovery.
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The bigger-than-expected decline in existing home sales came amid continuing turmoil in mortgage markets.
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Investor's Business Daily - The National Assoc. of Realtors cut its &#39;07 outlook for the fourth consecutive month. Home resales will fall to 6.18 mil from last month&#39;s forecast of 6.29 mil and well below the initial 6.42 mil forecast. The median existing-home sales price will fall 1.3%, more than the previously forecast 1% slide. The median new-home price will fall 2.3% to $240,800, reversing the Jan. forecast for a 2% gain, NAR said.
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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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Stocks fell on Monday as a larger-than-expected decline in new home sales in December added to worries about the impact of a weak housing market on the economy.