Consumer sentiment dips going into holidays (Reuters)
Reuters - U.S. consumer sentiment slipped in December but was not far from the year's highs, a report said on Friday, suggesting Americans were guardedly optimistic about the economy in the holiday season.
Regions
Gov't home price index posts largest-ever drop (AP)
2008.08.26By ALAN ZIBEL, AP Business Writer 13 minutes ago
WASHINGTON - U.S. home prices fell 4.8 percent in the second quarter compared with a year ago, a new record low, according to a government report.
The government index for the April-June period, released Tuesday by the Office of Federal Housing Enterprise Oversight focuses on less expensive properties and includes fewer houses bought with risky home loans that have gone sour over the past year.
The previous record annual drop in the index's 17-year history was 3 percent and was set from January through march of this year.
The government index also fell 1.4 percent from the first quarter to the second quarter. That was a smaller drop than the record quarterly decline of 1.7 percent set in the first quarter.
As the housing market has turned into a bust over the past year, the most severe price declines have been seen in Western states. California's prices fell by nearly 16 percent, while Nevada's prices fell by 14 percent.
Also showing big price declines were Florida, where prices fell 12 percent, Arizona, where they fell 9 percent, and Rhode Island, where they fell by 5 percent.
"The most overbuilt areas of the country — including California, Nevada, Arizona, and Florida — contrast greatly with most other states, where prices are declining more moderately or even increasing," OFHEO Chief Economist Patrick Lawler said in a statement. Prices in the weakest markets, he said, have receded to late-2005 levels.
OFHEO regulates the government-sponsored mortgage finance companies, Fannie Mae and Freddie Mac. Under the housing bill signed by President Bush last month, its functions will be folded into a new agency, the Federal Housing Finance Agency.
Also Tuesday, a widely watched index released Tuesday showed home prices dropping by the sharpest rate ever in the second quarter. The Standard & Poor's/Case-Shiller national home price index tumbled a record 15.4 percent during the quarter from the same period a year ago.
Regions : Americas
More articles on this topic:
November housing starts up (Reuters)
Reuters - The pace of U.S. home building rose in November as new home starts climbed 6.7 percent, rebounding from a sharp decline in October while building permits fell 3 percent, a government report showed on Tuesday.
Reuters - The pace of U.S. home building rose in November as new home starts climbed 6.7 percent, rebounding from a sharp decline in October while building permits fell 3 percent, a government report showed on Tuesday.
US GDP revised down to show 2.0 percent growth pace (AFP)
AFP - US economic growth has been a bit more sluggish than earlier estimated in the third quarter, growing at a 2.0 percent annualized pace, according to revised data.
AFP - US economic growth has been a bit more sluggish than earlier estimated in the third quarter, growing at a 2.0 percent annualized pace, according to revised data.
Consumers boost buying during holidays (AP)
AP - Keeping the nation's cash registers ringing, consumers boosted their spending in November by the largest amount in four months, raising hopes shoppers will act more like Santas than Scrooges during the holidays.
AP - Keeping the nation's cash registers ringing, consumers boosted their spending in November by the largest amount in four months, raising hopes shoppers will act more like Santas than Scrooges during the holidays.
Consumer confidence ebbs, boosts rate hopes (Reuters)
Reuters - U.S. consumer confidence ebbed in December, while a key measure of inflation held steady in November for first time in four years, boosting the chances of Federal Reserve interest rate cuts in 2007.
Reuters - U.S. consumer confidence ebbed in December, while a key measure of inflation held steady in November for first time in four years, boosting the chances of Federal Reserve interest rate cuts in 2007.
