Builders in some parts of the country (including Sacramento, coming soon to Reno?) are now offering more than $100K off the price of their new homes. These are dangerous times for speculators left holding the bag. And for the builders who sell to them. read it
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ECONODAY US ECON CALENDAR
http://www.nasdaq.com/asp/econodayframe.asp?page=http://www.nasdaq.com/econoday/index.html
Pending Home Sales Index
Definition
The National Association of Realtors developed the pending home sales index as a leading indicator of housing activity. As such, it is a leading indicator of existing home sales, not new home sales. A pending sale is one in which a contract was signed, but not yet closed. It usually takes four to six weeks to close a contracted sale. Why Investors Care
Released on 3/6/06 For Jan 2006
Pending Home Sales Index
Actual -2.6%
Previous -3.0 %
Highlights
The pending home sales index fell 1.1% to 116.3 in January after falling 2.6% in December. Year-on-year, the index is down 4.8%. Regionally, sales dipped in the South and West and rose in the Midwest and Northeast.
This index measures the number of contracts signed in January and is consistent with sales data suggesting a slowdown may be developing in the nation’s housing sector. High mortgage rates and cautious consumer confidence are two factors limiting the outlook for both the housing sector and wider economic growth.