Housing slump hampers shoppers
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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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Even borrowers with strong credit are feeling the pinch as home values fall and monthly payments rise.
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Business & money: Numbers of buyers unable to purchase first home slump to the lowest level since 1980
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WASHINGTON - New home sales plunged in November, but analysts say that a variety of economic reports released Thursday overall paint a positive picture.
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Economic growth has been easing, but consumers keep spending with ease â as long as homes arenât on their shopping lists.
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There's an anxious face-off between sellers and buyers of homes as expectations of big profits fade
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Retailers are in for a gloomy holiday season, with shoppers weighed down by the weakening housing market and the credit crunch, according to industry forecasts.
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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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WASHINGTON -- Consumers put away their wallets in June, sending retail sales crashing by the sharpest amount in nearly two years.
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While the housing downturn has depressed once-thriving real estate markets around the nation, far-flung suburbs of major cities have suffered the most abrupt market correction.
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Retail sales fell unexpectedly in December to close out the weakest year at the cash register since 2002, data showed on Tuesday, the strongest signal yet that the economy may be sliding into recession under the weight of a housing and credit crisis.
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In spite of a burst of Friday spending, the holiday shopping season got off to a sluggish start, forcing retailers to reassess their strategies for luring buyers. Slow sales reported by three retail sales trackers on Tuesday were blamed on higher fuel costs and an overall lack of confidence in the economy.
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The housing crisis and high oil prices may cause a slump, analysts warn.
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Sales of new homes were unexpectedly weak last month, although they climbed off an 11-year low, and orders for long-lasting goods fell, according to data on Thursday that underscored the economy's weakness.
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Consumers put away their wallets in June, sending retail sales plunging by the sharpest amount in nearly two years. Sales of autos, furniture and building supplies all fell, highlighting the economy's weak spots.
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Business & money: Packs blamed for drop in number of four-bedroom homes on market.
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The nation's consumers, uninspired by this season's fashions and rattled by high gas prices and the weakening home market, shopped gingerly last month, extending the misery of retailers who have struggled with a spending slowdown since February.