The Commerce Department said Monday that new-home sales fell 2.3 percent to a 295,000 - a six-month low – and less than half the roughly 700,000 that economists say must be sold to sustain a healthy housing market.
But all home sales remain weak. August sales for previously occupied homes at a seasonally adjusted annual rate of 5.03 million were slightly above last year's sales but still almost a million … (0 comments)
foreclosures: Is This a Crisis? Should We Panic?
- 07/13/08 01:08 PM
In my blog on the BuildingCredibility.com website last weekend, I posed the question "Does the Rise in Foreclosures Constitute a Crisis?" Last Monday I responded to a commentor who reported a rumor that IndyMac bank was close to bankruptcy. Based on my research of the facts, I concluded that it was unlikely. While IndyMac did not file bankruptcy, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Conservator on Friday July 11th. This is the 3rd largest bank failure in U.S. history. So is this a crisis? … (1 comments)
Sales of new U.S. homes fell to in August. The fourth straight monthly decline during the peak buying season suggests the housing market is years away from a recovery.
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