New Home Sales and Prices Off Sharply in August
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Sales hit their lowest rate in over seven years, as tighter credit and rising inventories hurt the housing industry.
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Major automakers posted mixed U.S. sales for August on Tuesday, as executives cautioned the embattled industry was facing reverberations from a weaker housing market and the shakeout in subprime lending.
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The pace of U.S. home building fell   more sharply than expected in August as builders broke ground   on new homes at the slowest rate since April 2003, a government   report showed on Tuesday.
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The housing market took a sharp turn for the worse in September as prices tumbled and sales of previously owned homes fell to a record low, battered by rising foreclosures and tighter lending standards.
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Sales of new U.S. homes tumbled to a  smaller-than-expected seasonally adjusted 1.072 million  annualized rate in July and a key inventory measure jumped to a  ten-year high, pointing to a rapidly cooling housing market, a  government report showed on Thursday.
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Shoppers are wary about High Street spending despite August's better weather, the latest sales figures show.
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Retail sales and industrial output eked out smaller-than-expected gains in August, according to data on Friday that kept in place expectations the Federal Reserve will cut interest rates next week.
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Late summer brought no relief from soaring foreclosures. The number of homes in some stage of default jumped 36 percent month-over-month in August, according to a regular monthly survey.
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New home construction fell 6 percent in August. Talk of 'recession' ensues.
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U.S. housing starts unexpectedly rose 0.6 percent in August to their highest level in five months as low mortgage rates encouraged construction, but permits fell more than anticipated, a government report showed on Tuesday.
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Consumer confidence fell more sharply  than expected in September while the pace of existing home  sales slowed in August, according to reports released on  Tuesday that supported the view that the Federal Reserve would  soon cut benchmark interest rates again.
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House prices in England and Wales fell slightly in August, according to figures from property research company Hometrack, offering another sign the market may be cooling in the face of higher interest rates.
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The downturn in the Massachusetts housing market gained momentum in August, with the median price of a single-family home falling 6.1 percent, to $352,000, and the number of sales down 21.6 percent from last year, the Massachusetts Association of Realtors said yesterday.
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The meltdown in the mortgage market caused the biggest drop on record in August for pending home sales, taking the index down to the lowest level since the month that included the Sept. 11, 2001 terrorist attack.
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The pace of existing home sales in   the United States fell for a fifth straight month in August and   prices dropped from year-ago levels for the first time in 11   years, a U.S. realtors group said on Monday.
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The pace of existing home sales fell   for a fifth straight month in August, hitting a 6.3 million   unit annual rate, according to a report from the National   Association of Realtors on Monday that was not as bleak as   economists had expected.
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Sales of new homes rose by 9.4 percent in August, the Commerce Department said Monday, as mortgage interest rates remained at low-enough levels to continue enticing buyers worried about future rate hikes.