New York, NY, Aug. 26, 2008--U.S. home prices fell a record 15.4 percent in the second quarter compared to a year ago, according to the latest S&P/Case-Shiller national home price index.
The survey showed no signs that the pace of home-price declines is moderating. The loss was even larger than the record 14.2 percent drop posted in the first three months of 2008.
Both the Case-Shiller 10-city and 20-city indexes also posted record year over year losses in the second quarter, down 17 percent and 15.9 percent respectively.
However, in June the pace of monthly declines slowed slightly compared with May. Prices for the 10-city index declined 16.9 percent year-over-year and the 20-city index was down 15.8 percent.
"While there is no national turnaround in residential real estate prices, it is possible that we are seeing some regions struggling to come back, which has resulted in some moderation in price declines at the national level" says David Blitzer, chairman of the Index Committee at Standard & Poor's, in a press release.
The worst performing city in the index was Las Vegas, where prices plunged 28.6 percent year-over-year, followed by Miami, down 28.3 percent, and Phoenix, down 27.9 percent.
In June, Phoenix prices dropped 2.6 percent from May, the largest decline of any city in the index.
Denver and Boston were winners for the month, with home prices climbing 1.5 percent and 1.2 percent, respectively. Both of these markets have had three consecutive months of higher prices. Charlotte and Dallas, both up 1%, have recorded four straight months of gains.
|
Zebra Rugs at Penney Being Recalled
|
Full Article
|
| Washington, DC, Sept. 12, 2008--About 2,000 JLA Home zebra rugs sold at JC Penney stores are being recalled because they do not meet the federal flammability standard for small rugs and do not have the required flammability warning label. |
|
|
|
|
|
|
One Measure of Consumer Confidence Spikes Higher
|
Full Article
|
| New York, NY, Sept. 12, 2008--Consumer confidence has improved heading into fall, due partly to dips in gas prices and excitement over the presidential race, according to the Royal Bank of Canada Consumer Attitudes and Spending by Household Index.
|
|
|
|
|
|
|
|
|
|
|
Texas Invista Plants Closing for Ike
|
Full Article
|
| Houston, TX, Sept. 12, 2008--Koch Industries subsidiary Invista has begun to shut down temporarily three of its plants in south Texas because of hurricane Ike and told those employees not to report for work today.
|
|
|
|
|
|
|
|
|
Jobless Claims Higher Than Expected
|
Full Article
|
| Washington, DC, Sept. 11, 2008-- Initial jobless claims for unemployment insurance were higher than expected last week, while total benefit rolls rose to the highest level in almost five years, according to the Labor Department. |
|
|
|
|
Imports, Exports Set Records as Deficit Swells
|
Full Article
|
| Washington, DC, Sept. 11, 2008--The U.S. trade deficit rose in July to the highest level in 16 months as oil imports hit an all-time high, offsetting strong export growth. The deficit with China climbed to the second highest level on record. |
|
|
Kährs Expanding Plant in Sweden
|
Full Article
|
| Nybro, Sweden, Sept. 9, 2008--Wood flooring manufacturer Kährs is investing $14.8 million at its Nybro factory in Sweden but will also lay off about 245 employees because of weak market conditions, Timber Industry Magazine reported.
|
|
|
|
|
British Builder Offers Unusual Incentive
|
Full Article
|
| London, England, Sept. 10, 2008--Barratt Developments PLC, Britain's second-biggest house builder by volume, said that full-year profits fell by 71 percent as the credit crunch depressed sales in the second half. |
|
|
|
|
|