Adam in CO
10-31-2006, 03:49 PM
Last Week in the News After a two-day meeting, the Federal Reserve left short-term interest rates at 5.25%, where they have stood since June 29, when the Fed halted a two-year rate-hike campaign aimed at controlling inflation. Fed policymakers said on October 25 that "economic growth has slowed over the course of the year, partly reflecting a cooling housing market."
Existing-home sales fell during September for a sixth straight month to a 6.18 million annual rate, a 1.9% decrease from August's unrevised 6.3 million annual pace, the National Association of Realtors (NAR) said October 25. "The worst is behind us as far as a market correction," said David Lereah, NAR's chief economist.
New-home sales in September increased 5.3% to a seasonally adjusted annual rate of 1.075 million, the Commerce Department said October 26. Economists had expected no gain.
However, the median price for a new home sold in September was $217,100, a drop of 9.7% from September 2005, the Commerce Department reported October 25. It was the lowest median price for a new home since September 2004 and sharpest year-over-year decline since December 1970.
Orders for durable goods -- items expected to last at least three years -- increased by 7.8% last month to a seasonally adjusted $226.7 billion, the Commerce Department said October 26. Economists had anticipated a 2% gain.
Interest rates on 30-year fixed mortgages rose for the week ending October 26, Freddie Mac reported.
This week look for updates on consumer confidence on October 31 and construction spending on November 1.
Existing-home sales fell during September for a sixth straight month to a 6.18 million annual rate, a 1.9% decrease from August's unrevised 6.3 million annual pace, the National Association of Realtors (NAR) said October 25. "The worst is behind us as far as a market correction," said David Lereah, NAR's chief economist.
New-home sales in September increased 5.3% to a seasonally adjusted annual rate of 1.075 million, the Commerce Department said October 26. Economists had expected no gain.
However, the median price for a new home sold in September was $217,100, a drop of 9.7% from September 2005, the Commerce Department reported October 25. It was the lowest median price for a new home since September 2004 and sharpest year-over-year decline since December 1970.
Orders for durable goods -- items expected to last at least three years -- increased by 7.8% last month to a seasonally adjusted $226.7 billion, the Commerce Department said October 26. Economists had anticipated a 2% gain.
Interest rates on 30-year fixed mortgages rose for the week ending October 26, Freddie Mac reported.
This week look for updates on consumer confidence on October 31 and construction spending on November 1.