Berkeley CSUA MOTD:Entry 40757
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2025/05/24 [General] UID:1000 Activity:popular
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2005/11/28-30 [Reference/RealEstate] UID:40757 Activity:low
11/25   http://news.yahoo.com/s/ap/20051128/ap_on_bi_ge/economy
        Sales of Existing Homes Drop in October. Swami the Magnificent
        was right afterall! All the greedy investors will now suffer.
        Suffer they shall, muhahahahahaha.         -bitter priced-out guy
        \_ "The decline in sales pushed the number of unsold homes to 2.87
           million, the highest level in more than 19 years."
           Anyone happen to have access to a graph or table of this data for
           NoCal/SoCal/the U.S.?
        \_ "Home sales hit new record - Yahoo! News"
           http://news.yahoo.com/s/nm/20051129/bs_nm/economy_dc
2025/05/24 [General] UID:1000 Activity:popular
5/24    

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news.yahoo.com/s/ap/20051128/ap_on_bi_ge/economy
AP Sales of Existing Homes Drop in October By MARTIN CRUTSINGER, AP Economics Writer Mon Nov 28, 5:50 PM ET WASHINGTON - Sales of existing homes fell a bigger-than-expected 27 perc ent in October, a fresh sign that the red-hot housing market is cooling. The decline would have been worse without increased demand from displac ed hurricane victims. Though prices rose at the fastest clip in more than a quarter-century, th e number of unsold homes rose to the highest level in 19 years. Analysts forecast that this backlog will dampen future price gains. The National Association of Realtors reported Monday that sales of existi ng homes and condominiums fell by 27 percent in October, more than doub le the 11 percent decline analysts expected. It left sales at a seasonally adjusted annual rate of 709 million, down from a sales rate of 729 million units in September, which was the seco nd-fastest pace on record. Economists said the latest report, which showed sales declines in all reg ions of the country, appeared to be a signal that the booming housing ma rket was beginning to slow under the impact of steadily rising mortgage rates. The boom is winding down, " said David Lereah, chief economist for the Realtors. "I expect continu ed softening in housing if rates remain at these levels or go higher." On Wall Street, stocks fell moderately as mixed news on holiday shopping prompted investors to take a pause from the recent five-week rally. The decline in sales pushed the number of unsold homes to 287 million, t he highest level in more than 19 years. It would take 49 months to depl ete that inventory level at the current sales pace. Economists predicted the buildup in unsold homes would help dampen the su rge in home prices that saw 69 cities report double-digit gains in price s this summer, compared with the third quarter of 2004. Federal Reserve 's continued campaign to boost interest rates to combat the threat of hig her inflation after the recent surge in energy prices. The average commitment rate for 30-year mortgages rose to 607 percent in October, up from 577 percent in September. "These increases will cool off the housing market and deflate many local housing bubbles without creating a housing crash," he predicted. Most analysts believe housing will cool gradually to more sustainable lev els but will escape the adverse consequences that occurred when the Inte rnet stock bubble burst in early 2000, wiping out trillions of dollars i n paper wealth and helping to push the economy into a recession. Lereah said he believes gains in home prices would slow to around 5 perce nt nationally in 2006. He forecast that sales of existing homes would decline by 35 percent to 686 million units next year, but he said 2005 should finish with 711 m illion sales, setting a record for the fifth straight year. The weakness in existing home sales in October followed an earlier report that construction of new homes and apartments fell by 56 percent last month, the biggest setback in seven months. Applications for new buildin g permits, a good sign of future activity, fell by 67 percent, the bigg est decline in six years. The 27 percent drop in sales of existing homes would have been a larger 32 percent decline without a boost in activity from people relocating a fter hurricanes Katrina and Rita devastated the Gulf Coast. This more than offset sales declines of 42 percent in New Orleans and 44 percent in Beaumont, Texas. The bac klog of 287 million unsold homes was the highest since April 1986. By region of the country, October's biggest sales decline occurred in the Northeast, a drop of 74 percent. Sales were down 19 percent in the Mi dwest and 12 percent in the West. Sales were down 18 percent in the So uth despite the big gains in areas where displaced homeowners relocated. The informati on contained in the AP News report may not be published, broadcast, rewr itten or redistributed without the prior written authority of The Associ ated Press.
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news.yahoo.com/s/nm/20051129/bs_nm/economy_dc
Reuters Home sales hit new record By Amanda Cooper 2 hours, 12 minutes ago NEW YORK (Reuters) - New US home sales hit a new record in October, whi le durable goods orders rose by 34 percent as aircraft demand surged, b ut non-transportation orders were barely changed, data on Tuesday showed . While consumers may not have splashed out on big-ticket items in October, separate reports showed confidence was almost back to its pre-Katrina l evels in November and the first leg of the holiday shopping period got o ff to a strong start. Federal Reserve was likely to continue its policy of gradually raising interest rates, at least in the near term. "Clearly today's numbers show that the economy is still healthy and that the Federal Reserve probably will still be concerned about inflation for at least a couple more months," said Gary Thayer, chief economist, AG Edwards and Sons, in St. news) rose to a nine-month high afte r the home sales and confidence reports. Treasury prices fell, leaving the yield on the benchmark 10-year note at 444 percent, up 30 basis points on the day, but still near one-month l ows. Wall Street economists had expected to see sales slow to a 120 million p ace from the 122 million rate in September. But the report also showed that home prices were not rising at quite the same pace -- up 16 percent -- and the number of homes still on the mark et reached a record 496,000. "The demand for new housing surged, likely because rising mortgage rates motivated some potential homebuyers to accelerate their buying decisions ," said Steven Wood, economist at Insight Economics in Danville, Califor nia. However, Wood noted that inventories of unsold new homes were also climbi ng. "Moreover, despite the huge increase in sales, home price momentum has sl owed as home builders are beginning to use discounts to motivate buyers, " he said. AIRCRAFT ORDERS PUFF UP DURABLES A government report earlier showed new orders for durable goods -- expens ive items intended to last three years or more -- rose by 34 percent in October, outstripping forecasts for a rise of 11 percent. Leading the overall increase were transportation orders, including a 140. "It looks sort of in line with expectations, with some strength -- for ex ample a rebound in communications and machinery, but also some disturbin g continued weakness in the computer sector," said David Wyss, chief eco nomist at Standard & Poor's in New York. September durable goods orders were upwardly revised to show a 20 percen t decline, from a 24 percent fall. October orders outside the transportation sector rose by just 03 percent , falling short of forecasts for 10 percent increase. Non-defense capital goods orders excluding aircraft, seen as an proxy for business spending plans, rose 13 percent. Communications equipment orders rose 64 percent, while demand for machin ery rose 21 percent. Meanwhile, orders for computers and related produc ts tumbled 17 percent after a 66 percent drop in September. A separate report showed US consumers overcame much of their pessimism after Hurricanes Katrina and Rita as gasoline prices are well off the hi ghs seen after the storms hit in late August and early September. The International Council of Shopping Centers and UBS said in a joint rep ort that retail sales grew 51 percent in the week ended November 26 com pared with the same week a year earlier, the strongest year-over-year pe rformance since June 12, 2004. But they were down 07 percent compared t o the previous week. A separate report by independent firm Redbook Research showed sales in No vember to date were up 03 percent compared with the same period in Octo ber, and were up 44 percent on a year-over-year basis for the week. WhiteFence Gateway Total EAI Solution WhiteFence Gateway Enterprise (WGE) provides a data bridge allowing multiple information systems to communicate and interact efficiently. IBS - Enterprise Application Software Enterprise application software for distributors and manufacturers. IBS modules include warehouse management, RF BI, financials, inventory control, manufacturing and e-Business. Oracle Application Management Solutions Software solutions from Applimation that enable organizations to manage the impact of data growth and ensure application integrity in enterprise applications. New home sales hit a new record in October, while durable goods orders rose by 34 perc ent as aircraft demand surged, but non-transportation orders were barely changed, data on Tuesday showed. Republication or r edistribution of Reuters content is expressly prohibited without the pri or written consent of Reuters. Reuters shall not be liable for any error s or delays in the content, or for any actions taken in reliance thereon .