Existing Home Sales Hit 5 Month High Thanks to FHA Loans
August 25, 2008
The National Association of Realtors announced today that Existing Home Sales rebounded in July to a 5-month high. The report, which measures the month-over-month sale of previously owned homes, indicated sales of such homes increased 3.1 percent possibly influenced by FHA Loans.
Existing Home Sales Don't Signal Market Normalization, Economists Say
August 25, 2008
Economists say the larger-than-expected rise in July
existing home sales doesn’t necessarily point towards stabilization,
since more than a third of the sales are related to foreclosures. They
also note that a record high inventory level will put downward pressure
on prices going forward.
Existing Home Sales Rise 3.1% to 5.00 Million in July
August 25, 2008
U.S. existing home sales rose more than expected to
5.00 million units in July, a 3.1% gain in the month, following June’s
revised sales figure of 4.85 million. With that gain the index rebounded
to the highest level in five months, although the range in the past 11
months has been relatively narrow, according to the National Association
of Realtors (NAR).
The Week Ahead: U.S. Housing Sales, Case-Shiller Home Prices
August 25, 2008
Economists, strategists and traders do not expect next week’s releases
to shed any new light on the current economic environment. Markets will
receive more data on the U.S. housing market, July’s
durable goods orders, PCE report, and minutes from the FOMC Aug. 5
meeting. In Canada the only data of significance will be Q2 GDP.
Jackson Hole "Didn't Settle a Whole Lot"
August 25, 2008
U.S. Federal Reserve Chairman Ben Bernanke, European
Central Bank President Jean-Claude Trichet, and former
central bank officials and head economists all met in Jackson Hole,
Wyoming over the weekend, one year after the start of the financial
crisis that has led to more than $500 billion in losses and writedowns,
to discuss how to prevent such a collapse from reoccurring.
Fed's Plosser Could Vote for Rate Hikes, New York Times Reports
August 25, 2008
In an interview with the New York Times, Philadelphia Fed
President Charles Plosser said he might consider dissenting in
favour of raising interest rates to fight inflation and maintain the
Fed’s credibility.