The Archives
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08.07.08Surprise! Pending home sales are upThe number of signed contracts to buy a home unexpectedly rose last month to the highest level seen in eight months. According to the National Association of Realtors’ Pending Home Sales Index released today, the number of contracts signed in June was up 5.3 percent from a downwardly-revised figure in May. The jump in the Index came as a surprise. Economists had widely expected that home sales contract signings would decline by 1 percent. Still, the number of pending home sales was 12.7 percent below last year’s levels. In the south, pending sales jumped 9.3 percent from last month, but nevertheless were 16.6 percent ...
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07.29.08Atlanta home prices show small monthly gainHome prices continue to fall throughout the country, according to the May report of the S&P/Case-Shiller Home Price Index. In the 22nd straight month of declining home values, the 20-city index slipped 0.9 percent to a new record year-over-year low of 15.8 percent. The 10-city index dropped 1.0 percent in May to a level 16.9 percent below last year. It also hit a new record low. There has not been a month of price appreciation since August 2006. Each of the 20 metro areas surveyed by the index posted annual declines. Nine hit record lows, and ten recorded double-digit drops in home prices. Las Vegas ...
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07.25.08New home sales treading waterThe pace of new home sales fell again in June, but the annual rate was much better than economists predicted. The U.S. Census bureau reported that June sales of new single-family homes fell 0.6 percent from May to a seasonally-adjusted rate of 530,000. Economists had predicted that June sales would come in at 505,000. Still, new home sales were an anemic 33.2 percent below last year’s levels. In the South, sales declined 2.0 percent from May and were down 34.9 percent from June 2007. The inventory of new homes on the market also declined 3.8 percent from May with ten-months’ worth of inventory currently ...