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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WASHINGTON -- Sales of previously owned homes inched up in November but that didn't change the overall bleak picture for an ailing housing industry that has been suffering through a painful slump.
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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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Depressed by turmoil in credit markets, existing home sales fell 4.3 percent, pushing activity to the lowest point in five years, the National Association of Realtors said.
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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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WASHINGTON - New home sales posted an unexpected increase in September. Analysts, however, viewed the small gain as highly questionable given the severe credit crunch that rocked the housing industry this summer. They predicted further sales declines before the worst housing slump in more than two decades comes to an end.
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The U.S. economy should contract slightly in coming months as the ongoing slump in the housing industry takes a deeper toll on the economy, a gauge of future business activity showed Thursday.
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U.S. new home sales jumped a  surprising 9.4 percent in August, the fastest acceleration of  sales in almost four years, as a fresh dip in mortgage interest  rates attracted buyers, a government report showed on Monday.
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Sales of existing U.S. homes fell more than expected in July, as the housing market took a breather from its record-toppling run, a trade association report showed on Tuesday.
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Retail sales rose a sluggish 0.1 percent in February amid unusually cold weather, and late mortgage payments and home foreclosures rose at the end of last year, according to reports that raised concerns about the economic outlook.
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Pending sales of existing U.S. homes  slipped in November but were much stronger than previously  thought in October, according to a report on Tuesday that  offered mixed news on the battered U.S. housing sector.
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U.S. new home sales fell in May while consumer confidence hit a 10-month low in June on worries about jobs and the business climate, adding to signs of sluggish economic growth.
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Sales of new U.S. homes fell in November to the lowest rate since 1995, but business activity 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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Slowing real estate sales coupled with the subprime mortgage mess are two of the reasons some people say a recession is nigh.
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The sale of new single-family homes across the country rose by 9.4 percent in August, ending a two-month dip, the US Commerce Department reported yesterday.
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Sales of existing U.S. homes slipped in May to the lowest level in four years and the number of unsold homes on the market rose sharply, suggesting a housing recovery was still a long ways off.