It was all about housing today. A few weeks ago, the report on new houses was released, and it looked bleak. Today, the report on existing houses came out and... ditto. Sales of existing houses are at their lowest level in 2 1/2 years. Anyone watching their local real estate market could tell you that! Rising interest rates and rising inventories have both conspired to derail the real estate market, but don't despair. It's not the end, just a slowdown and a return to reality. Stocks dipped in response to the numbers.
Dow -41.94 NASDAQ -15.36 S&P 500 -5.83
Independent, Fee-Only Financial Advisor
Wednesday, August 23, 2006
Wednesday News
It was all about housing today. A few weeks ago, the report on new houses was released, and it looked bleak. Today, the report on existing houses came out and... ditto. Sales of existing houses are at their lowest level in 2 1/2 years. Anyone watching their local real estate market could tell you that! Rising interest rates and rising inventories have both conspired to derail the real estate market, but don't despair. It's not the end, just a slowdown and a return to reality. Stocks dipped in response to the numbers.
Dow -41.94 NASDAQ -15.36 S&P 500 -5.83
