Good news (marginally): Home Sales Rise For The First Time Since October
The U.S. housing market remained mired in its weak state as sales of newly constructed single-family homes rose less than analysts expected, while a separate study showed average home prices fell a record 14.1 percent in [...]
Bad news: Consumer Confidence Plunges to 16-Year Low
U.S. consumer confidence plunged unexpectedly to its lowest in 16 years in May as rising gasoline costs and falling home prices made Americans nervous about the future, a survey showed. The Conference Board, an industry group, said [...]
More economic fallout in the news, via the NY Times: “The auto industry is getting sideswiped by the housing crisis.” Auto lenders and banks, closing their wallets, have prevented hundreds of thousands of consumers from obtaining the financing for a car. Home equity loans, which had been used in at least one of every nine deals, [...]
And, no surprise here: As gas goes up, driving goes down (Biggest driving drop ever recorded)
The Department of Transportation said figures from March show the steepest decrease in driving ever recorded. Compared with March a year earlier, Americans drove an estimated 4.3 percent less — that’s 11 [...]
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