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July 24, 2008
Homes Sales, Unemployment and More (news you can use!)
Posted by Jack
24 July 0835 a.m.: Just in.... Adding to pressure on stocks and the dollar, the National Association of Realtors said resales of U.S. single-family homes and condos fell 2.6% in June to a seasonally adjusted annual rate of 4.86 million, the lowest level in 10 years. Economists surveyed by MarketWatch expected sales to fall to 4.95 million. Other data from the government showed a large rise in first-time jobless claims, which jumped 34,000 to 406,000 in the week ended July 19.
Thursday's currency trading looks like a contest of which currency has the worst economic fundamentals, as the euro, sterling and kiwi are all falling against the U.S. dollar and the Japanese yen due to fresh evidence of deteriorating economic data.
Shares of Washington Mutual Inc. were among the hardest hit of bank stocks, with shares of the nation's largest thrift recently down 15.1%. The Seattle-based company, which late Tuesday reported a loss of $3.33 billion, is now down 32% so far this week. Bank of America was down over 5% by mid-day trading.
Shares of home builders fell in the wake of the data, with shares of Pulte Homes Inc. down after the builder reported a quarterly loss of $158.4 million.
Automakers took a big hit today with slumping sales and more layoffs expected. GM wad off over 7% and Ford was down over 13%! These are monumental swings in value and a clear indication of worse to come.
Posted by Post Scripts at July 24, 2008 08:33 AM
Comments
does this mean we are all going to die?
Posted by: Fred Dred at July 24, 2008 05:30 PM
Fred, I like that kind of humor...short and sweet! Keep it up.
Posted by: Tina at July 24, 2008 06:11 PM
Indeed. We had distressing news in the family. My Uncle has done a cost-benefit analysis of the 4% which is now 6.5% and the $150K drop in property value, and come the conclusion that the only prudent thing to do is hand the house back to the bank. But they're fine. The dogs are fine. They rented a little house. And the freed up cash will keep their business going awhile longer.
On the other hand, if you've got a job, keep it. And for heaven's sake, pay down the cards.
Posted by: Libby at July 25, 2008 12:22 PM
"And for heaven's sake, pay down the cards."
GOOD ADVICE...too bad our government doesn't have that kind of good sense.
Your uncle made a decision that worked for his family...good for him. In a free society we can do that, even when things are down due to butt-heads in high places...LOL.
Posted by: Tina at July 25, 2008 12:33 PM
(Fred) Yes, it does.
Posted by: Jack at July 25, 2008 09:46 PM