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United States News Title: Sales of U.S. Existing Homes Rose in August From Record Low (Down 17% from August 2009) Sales of U.S. Existing Homes Rose in August From Record Low By Bob Willis and Courtney Schlisserman - Sep 23, 2010 8:46 AM PT Email Share Aug. 24 (Bloomberg) -- Markus Schomer, chief economist at Pinebridge Investments, talks about the outlook for the U.S. housing market and the rise in initial jobless claims last week. Purchases of existing houses climbed to a 4.13 million annual pace, in line with the median forecast of economists surveyed by Bloomberg News and second only to July’s 3.84 million rate as the weakest in a decade’s worth of data, the National Association of Realtors said today in Washington. Pinebridge speaks with Margaret Brennan on Bloomberg Television's "InBusiness." (Source: Bloomberg) Play Video Sept. 23 (Bloomberg) -- Sales of U.S. previously owned homes rose in August to the second-lowest level on record, indicating housing remains depressed a year after the economic recovery began. Purchases of existing houses climbed to a 4.13 million annual pace, in line with the median forecast of economists surveyed by Bloomberg News and second only to July’s 3.84 million rate as the weakest in a decade’s worth of data, the National Association of Realtors said today in Washington. Bloomberg's Margaret Brennan and Michael McKee report. (Source: Bloomberg) Sales of U.S. previously owned homes climbed from a record low in August and a gauge of the outlook for the economy increased, confirming the Federal Reserve’s forecast for a “modest” pace of expansion. Purchases of existing houses climbed to a 4.13 million annual pace, the second-lowest on record, the National Association of Realtors said today in Washington. The New York- based Conference Board said its index of leading economic indicators rose 0.3 percent, exceeding forecasts. “Growth should start to gather momentum again by the fourth quarter,” said Jim O’Sullivan, global chief economist at MF Global Ltd. in New York. “Housing is not going to be a big contributor to growth.” An unexpected increase in claims for unemployment benefits reported today by the Labor Department was a reminder of weakness in the job market that will hold back the pace of recovery from the worst recession since the 1930s. Fed policy makers this week said they are prepared to further ease monetary policy to support growth and stabilize prices. Stocks pared declines after the home-sales report, with the Standard & Poor’s 500 Index at 1,134.74 at 11:45 a.m. in New York, little changed from yesterday’s close. Treasuries gained, pushing the 10-year note’s yield below 2.50 percent for the first time since Sept. 1 on speculation the Fed may increase purchases of U.S. debt to support the economy. Initial jobless claims rose by 12,000 to 465,000 in the week ended Sept. 18. The total number of people receiving unemployment insurance declined, while those getting extended payments increased. Home-Sales Forecasts Economists forecast home sales at a 4.1 million pace, according to the median of 72 projections in a Bloomberg News survey. Estimates ranged from 3.8 million to 5 million. Compared with a year earlier, sales were down 17 percent before adjusting for seasonal patterns. The median price increased 0.8 percent from August 2009 to $178,600 last month. A government tax credit of up to $8,000 gave housing a temporary lift late last year and into 2010. Demand plunged in July, the month after buyers were originally required to close deals in order to get the incentive. The deadline has since been extended to the end of this month. The end of the homebuyer credit, joblessness and sagging confidence prompted a decline in orders at Hovnanian Enterprises Inc., the largest homebuilder in New Jersey said on Sept 1. The company said its net orders dropped 37 percent in the quarter ended July 31 from a year earlier. “Job creation is the key to a housing recovery, which makes it difficult to predict how improvements in the economy and housing market play out,” Chief Executive Officer Ara Hovnanian said in a statement.
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#1. To: Nebuchadnezzar (#0)
This article was already posted, dipshit.
My title is more accurate. DOWN 17% FROM AUGUST 2009. EPIC FAIL.
Your title is a copyright violation and I'd be wary of changing Bloomberg titles. Tull and Boofer tried to get me in trouble in trouble over a Bloomberg story controversy. I would not be surprised if they alerted Bloomberg. That all said, the article was already posted, dipshit and your title is misleading.
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