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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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From: ldo79	11/13/2007 12:58:58 PM
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As I posted yesterday - NAR was to release the PHSI @ 10am ET. No joy. Bloomberg now has the release set for 3pm ET. An attempt to manage the markets? I'm shocked at the thought, absolutely shocked! ======================== Nov. 13, 2007 (Thomson Financial delivered by Newstex) -- WASHINGTON (AP) - The September reading of an index that tracks pending U.S. home sales is forecast to hit a record low Tuesday, another indication that the housing market's struggles aren't over yet. The National Association of Realtors' report on pending home sales for September is due out Tuesday at 3 p.m. EST. The group is also scheduled to update its housing market forecast for 2007 and 2008. Analysts predict the index will fall 2 percent from August's record-low reading of 85.5, according to Briefing.com. as lenders tightened standards, squeezing already weak demand. An index reading of 100 is equal to the average level of sales activity in 2001, when the index started. Typically there is a one to two-month lag between when a buyer signs a home sales contract and the closing of the deal. Sales completed last month and into this month should be reflected in the September reading. The Realtors group also will update its sales and price forecasts. Its most recent forecast calls for existing home sales in 2007 to be 10.8 percent lower than last year. The association also projects the median price of an existing home -- the point where half sell for more and half for less -- will fall by 1.3 percent this year, the first price decline on an annual basis on the group's records going back four decades. Unlike most housing market watchers,the Realtors group maintains an optimistic message, predicting the market will rebound next year. Financial markets have been turbulent for much of the year amid worries about the growing scope of losses in investments tied to residential mortgages. This month, major Wall Street banks including Citigroup Inc. (NYSE:C) , Merrill Lynch (OOTC:MERIZ) & Co and Morgan Stanley (NYSE:MS) have had to admit massive losses on investments linked to the U.S. mortgage market.

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