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Reply #9: Sales of New Houses, Consumer Confidence in U.S. Probably Fell [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-27-08 06:42 AM
Response to Reply #2
9. Sales of New Houses, Consumer Confidence in U.S. Probably Fell
May 27 (Bloomberg) -- New-home sales in the U.S. probably fell to a 17-year low and consumer confidence sank, signs the housing slump is dragging down the economy, economists said before reports today.

Purchases of new homes dropped 1.1 percent in April to an annual pace of 520,000, the fewest since September 1991, according to the median forecast in a Bloomberg News survey. A separate report may show a measure of consumer confidence fell this month to the lowest since 1993.

Concern about declining home values and stricter loan rules are limiting demand and foreclosures throw even more properties on the market. Federal Reserve policy makers view the prospect of larger decreases in house prices and the effect that would have on financial institutions as a ``key source'' of risk to growth.

.....

A report from S&P/Case-Shiller at 9:00 a.m. may show house prices in 20 U.S. metropolitan areas plunged 14.2 percent in March from a year earlier, the most since records were first published in 2001, the Bloomberg survey showed.

The housing downturn and strains on the consumer led Fed policy makers last month to cut their 2008 growth estimate by almost 1 percentage point.

http://www.bloomberg.com/apps/news?pid=20601103&sid=akb...
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