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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: kodiak_bull who wrote (8595)	9/25/2001 10:34:58 AM
From: Think4Yourself	Read Replies (1) \| Respond to of 23153

Existing home sales were up a record 5.8% per CNBC. Consumer confidence numbers had a few days of post WTC data, which likely makes them as worthless as the next report will be. Emotions ran to the extremes during that week, and are still a bit off base. Should be interesting to see how last weeks rate cut and next weeks cut effect the market. My neighbor refinanced a few months ago and is considering doing it again already. I am also considering taking out a mortgage to put funds into the market here. I love to buy when everyone is so negative. Sellers are gone, buyers have cash, and shorters are already in up to their eyeballs. I want to be ready when the bears cry victory.

To: kodiak_bull who wrote (8595)	9/25/2001 10:56:52 AM
From: kodiak_bull	Respond to of 23153

US AUG EXISTING HOME SALES UP 5.8 PCT AT 5.5 MLN UNIT RATE By John Lipold Washington, Sept. 25 (FWN) - U.S. sales of existing single-family homes rose 5.8 pct in August to a record seasonally adjusted annual rate of 5.5 million units. But sales dropped sharply in the days immediately after the September 11 terrorist bombings in New York and Washington. The August sales pace was 5.0% above the August 2000 rate of 5.24 million units, according to the National Association of Realtors. Compared with July, sales rose in all U.S. regions. They rose 5.3% in the South, 9.8% in the West, 2.6% in the Midwest and 6.2% in the Northeast. Based on revised data, July existing home sales fell 2.4% to a 5.2-million-unit annual pace. In other details on August existing home sales activity, the NAR said inventory was up. There was a 4.8-month supply of resale homes on the market during the month, compared to a revised 4.6-month supply of homes in July. David Lereah, NAR's chief economist, said home sales showed a "marked slowing" after September 11. Sales were down 50% to 70% in the 2 to 3 days after the terrorist attacks, he said. However, activity began to rebound after that, rising to about 90% of prior activity levels in the week of September 17 to 21. The median existing single-family home price rose in August to $154,700. It was $151,700 in July. The median was up 8.0% from a year ago. The national average commitment rate for 30-year conventional fixed-rate mortgages fell to 6.95% in August from 7.13% the prior month, according to Freddie Mac national interest rate data, issued with Tuesday's numbers. The home sales statistics follow recent government data that showed U.S. housing starts dropped 6.9% in August.