[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Immediate Use of Ivermectin Medicine Globally Can End COVID-19 Pandemic: Scientists

COVID Fraud – Lawyers & Medical Experts start legal proceedings against W.H.O and World Leaders for ‘Crimes against Humanity’

School Board Nazi struggles to breathe while she orders kids to wear masks…

Warren says she'll run for reelection to Senate

WiThheld rouTers ... The laTesT of many roadblocks --- To Arizona SenaTe's audiT of 2020 elecTion

Windham ResidenTs ... Refuse --- To Be Silenced

When Cruelty Actually Is The Point

Fauci's agency spent over $400k on experiments grafting aborted fetal scalps onto mice and rats

Who Is Bill Gates? (Full Documentary, 2020)

Here Is What Republican Voters Really Believe in. It's a Shame the GOP Has No Idea

guTTing america ... going back --- on Track

“The ElecTion is Over”... Trump HaTer Cindy McCain Trashes Arizona ElecTion AudiT ---“Ludicrous” (VIDEO)

DissidenT Episcopalians awarded $100 million worTh of property ... as U.S. Supreme CourT --- declines To Take up Fort WorTh case

Joe Biden needs to stop lying about the cause of the border crisis and start fixing it

George W. Bush says ... The Republican ParTy has a shoT aT fuTure elecTions if iT curbs --- iTs 'whiTe Anglo-Saxon ProTesTanTism' ( heriTage )

BREAKING EXCLUSIVE - TGP’s Jordan Conradson InTerviews AZ AudiT DirecTor Ken BenneTT — HUGE DEVELOPMENTS ... Including Plans To Triple OuTpuT --- QuesTions on Number of FraudulenT BalloTs (VIDEO)

Can Democrats Avoid a Wipeout in 2022?

Biden declares war on America -- literally

Former Trump assisTanT says ... 'freighT Train' of elecTion resulT audiTs coming --- 'The MAGA movemenT is demanding answers'

Tim Scott's 2024 Star Rises After Biden Rebuttal

“We Will Find MisTakes – IrregulariTies ... We Probably Are Going To Find OuTright Fraud” --- AZ GOP Chair Dr. Kelli Ward Give - UpdaTe on HisToric AudiT (VIDEO)

Australia security official warns nations are ‘beating drums’ of war amid Asia-Pacific tensions

Former Obama White House advisor Seth Andrew arrested, accused of stealing from charter school he founded

This is fo sucking funny ... Joe has no clue --- The dumbocrap leaders are in a hearT aTTack panic!!.

The voter suppression lie

War Room ... Rachel Maddow Is Worried abouT whaT AZ ElecTion AudiT will Find — She Knows Georgia Is NexT

Conspiracy Queen Rachel Maddow ... Panics Over --- ‘Dangerous’ Arizona Vote AudiT

‘True To iTs docTrine’ ... ConservaTives plan for a new church afTer UniTed MeThodism spliTs --- over homosexualiTy debaTe

Michael Eric Dyson - WhiTe People Can Help BLM ...by Holding RacisT RelaTives --- ‘To AccounT’ aT Thanksgiving

Derek Chauvin ... The GreaT --- WhiTe DefendanT

New Mexico state trooper executed by Mexican cartel member… Horrific Video

John Kerry in Earth Day wonderland

Democrats Are Cheaters

Derek Chauvin's FaTe ... Is Now in The Hands --- of The Jury

Fools' overture

Democrats Are Terrified of Georgia

Climate Media vs. Climate Science

Why We Black Leaders Support Voter ID Laws

Pelosi: ‘No Plans' to Bring a Court-Packing Bill to the House Floor – at This Time

B-1 Bombers Are Deploying To Norway For The First Time With An Eye On Nearby Russia And The Arctic

High School Coach Fired After Refusing To Enforce “Insane” Outdoor Masks During Sports

CNN Says Chinese-Style Fonts Are Racist

Gran Torino Denounced for Anti-Asian Racism

'It Is Still Not Safe To Go Outside,' Says Fauci's Head In A Jar In Year 2739

Biden Re-Ignites the Waco Fire

Over 500 White People Have Been Killed By Cops Since 2020. There Has Been No Rioting Over Those Deaths.

Buttigieg on Exaggerated Infrastructure Jobs Estimate: ‘I Should Have Been More Precise’

Videos - ChrisTians Tear Down MeTal Fences ... Denounce The Closure Of GraceLife Church --- Due To A COVID-19 ResTricTions

Pete BuTTigieg ... To evangelical vaccine hold-ouTs --- Maybe iT's parT of God's plan

TINHORN FLATS ... The Symbol of Modern Day America --- AgainsT Tyranny


Status: Not Logged In; Sign In

Business
See other Business Articles

Title: Sales of New U.S. Homes Fell 0.3% in October
Source: Bloomberg
URL Source: http://www.bloomberg.com/news/2012- ... n-u-s-fell-0-3-in-october.html
Published: Nov 28, 2012
Author: Michelle Jamrisko
Post Date: 2012-11-28 10:30:36 by Brian S
Keywords: None
Views: 863

Purchases of new U.S. homes unexpectedly declined in October, showing limited progress in the housing market recovery.

Sales dropped 0.3 percent to a 368,000 annual pace following a revised 369,000 rate in September that was weaker than initially reported, figures from the Commerce Department showed today in Washington. The median estimate of 74 economists surveyed by Bloomberg called for a 390,000 sales pace.

Purchases in the last six months have climbed 2.8 percent, showing limited job growth and access to credit are still restraining the residential real estate market. The figures help explain why Federal Reserve Chairman Ben S. Bernanke has singled out housing as one of the industries to nurture in order to spur the economic recovery.

“Better job growth is the key factor,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida, who projected a 365,000 rate of sales. “We really have a lot of ground to make up from the recession.”

Stocks extended declines after the figures, with the Standard & Poor’s 500 Index falling 0.8 percent to 1,388.26 at 10:20 a.m. in New York. The yield on the benchmark 10-year Treasury note fell to 1.61 percent from 1.64 percent late yesterday.

Estimates in the Bloomberg survey ranged from sales rates of 365,000 to 418,000. The September reading was previously reported as a 389,000 annual pace.

The median price for a new house climbed 5.7 percent in October from the same month last year to $237,700.

By Region

Purchases increased in two of four regions last month, led by a 62.2 percent surge in the Midwest to the highest level in almost three years. Sales in the West jumped 8.8 percent to the fastest pace since July 2008.

Home purchases dropped 32.3 percent in the Northeast. The Commerce Department said in a statement that there was “minimal” effect on the data from superstorm Sandy.

The supply of homes rose to 4.8 months at the current sales rate from 4.7 months in September. There were 147,000 new houses on the market at the end of October compared with 145,000 a month earlier.

Sales of new homes, tabulated when contracts are signed, are considered a timelier barometer than purchases of previously owned dwellings, which are calculated when a contract closes. Newly constructed houses accounted for 6.7 percent of the residential market in 2011, down from a high of 15 percent during the boom of the past decade.

Existing Homes

Previously owned homes sold at a 4.79 million rate in October, close to the two-year high 4.83 million pace reached in August, according to data released last week by the National Association of Realtors.

With fewer distressed properties on the market, prices have started to stabilize. Home foreclosures dropped 19.2 percent in October from a year earlier, according to the RealtyTrac Foreclosure report. In September, they declined to the lowest level since July 2007.

Home prices rose in the year ended in September by the most since July 2010, a report yesterday showed. The S&P/Case-Shiller index of property values in 20 cities climbed 3 percent from September 2011, after advancing 2 percent in the year to August, the group said today in New York. Values from July through September, compared with the same period last year, climbed the most since the second quarter of 2010.

Builder Confidence

Confidence among builders has been climbing as well. The National Association of Home Builders/Wells Fargo builder sentiment index increased in October to the highest level since May 2006.

The housing market would accelerate even more if it was accompanied by a bigger pickup in employment, according to homebuilder D.R. Horton. The Fort Worth, Texas- based company, which is the largest U.S. homebuilder by volume, reported fiscal fourth-quarter earnings last week that beat analysts’ estimates.

“What we’re seeing is improvement off of an extremely low bottom in the housing market,” William Wheat, chief financial officer at D.R. Horton, said at a Nov. 15 conference. “We’re seeing small amounts of job growth right now. We’re going to need to see more over the long term. Jobs is the No. 1 driver for housing demand.”

GDP Contribution

Residential construction added 0.33 percentage point to a 2 percent increase in third- quarter gross domestic product, Commerce Department data showed last month. Revised GDP figures will be released tomorrow.

Cheaper borrowing costs are at the heart of the pickup in housing demand. The average 30-year fixed rate mortgage was 3.31 percent in the week ended Nov. 22, the lowest on record, according to data from Freddie Mac that dates back to 1971.

Bernanke said the Fed will take action to speed growth and the rebound in a housing market. At the same time, lending standard may be preventing a bigger recovery in the market.

“We will continue to use the policy tools that we have to help support economic recovery,” Bernanke said in a Nov. 15 speech in Atlanta.

While tighter credit standards after a collapse in the subprime mortgage market were appropriate, “it seems likely at this point that the pendulum has swung too far the other way, and that overly tight lending standards may now be preventing creditworthy borrowers from buying homes, thereby slowing the revival in housing and impeding the economic recovery,” he said.

Post Comment   Private Reply   Ignore Thread  


[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Please report web page problems, questions and comments to webmaster@libertysflame.com