Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Z Best Place to Talk Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Larry S. who wrote (34380)	11/7/2001 10:13:19 AM
From: E.J. Neitz Jr	Read Replies (1) \| Respond to of 53068

Larry, well lets enjoy the run....although you are in...and I don't even have a toe in the water..tip of toe.....so enjoy and good luck with your positions.

To: Larry S. who wrote (34380)	11/7/2001 11:45:57 AM
From: Kelvin Taylor	Respond to of 53068

nobody proping it up now down another 2.57

To: Larry S. who wrote (34380)	11/8/2001 6:10:33 AM
From: Bocor	Respond to of 53068

>>bill's LEN doing great, challenging short term resistance at 39, he brought it to our attention at 34 area. >> Housing slowdown spreads, mortgage rates notwithstanding: interactive.wsj.com November 8, 2001 New-Homes Sales in California Fell by 30% in Third Quarter By ANNA MATHEWS and PATRICK BARTA Staff Reporters of THE WALL STREET JOURNAL Evidence that the housing sector is slowing continues to accumulate. New-home sales during the third quarter dropped sharply in California and several major metropolitan areas in other states, according to a new study. The number of new homes sold in California fell 30% from a year earlier, according to data compiled by Meyers Group, a real-estate consulting firm in Irvine, Calif. The declines were 35% in Washington, D.C., 19% in Philadelphia and 31% in Baltimore. The data come at a time of uncertainty in the housing market, which until the terrorist attacks of Sept. 11 had been one of the few bright spots in a weakening economy. Although home sales have rebounded somewhat since coming to a near-standstill in the days following Sept. 11, it is still unclear how strong the market is. California Executives to Ask Governor to Reduce Taxes, Boost Spending Now (Nov. 1) "The housing market has really been keeping the economy going for the last 18 months, and that's clearly no longer going to be the case," said John Burns, vice president at Meyers Group. New homes are also an important indicator because construction has a broad effect on the economy in terms of employment and the purchase of new materials, said Sung Won Sohn, chief economist at Wells Fargo & Co. in Minneapolis. "It generates a lot of ripple effect," he said. Sales of pre-existing homes fell nearly 12% in September, according to the National Association of Realtors. But sales of new homes fell only 1.4% that month, the Commerce Department said late last month, less than many economists had been expecting. Although the Meyers data represent just a small portion of the overall U.S. market, while the Commerce report covers the entire country, recent evidence suggests the Commerce Department may have understated the problems in housing, and the numbers could be revised downward. For example, a Salomon Smith Barney research report released earlier this week noted that several major publicly traded builders, including Los Angeles-based KB Home Corp. and Lennar Corp. of Miami, have reported significant drops in orders since the terrorist attacks. The report warned housing-market investors to expect "a fairly constant barrage of negative housing statistics" in the coming months. The market would probably be even worse, analysts said, except that interest rates are so low and are expected to fall to their lowest level in 30 years when new data are released by mortgage buyer Freddie Mac Thursday. Indeed, Mr. Burns, of Meyers Group, noted that low interest rates have helped to sustain sales of lower-valued homes. In Las Vegas, for instance, new-home sales rose 6% for the third quarter compared with last year, he said, because of a large population of first-time home buyers taking advantage of the rates. Still, that is a lower rate of increase than the city has seen in the past, he said. In California, the rate of the downturn varied significantly in different parts of the state. The sharpest drops were in high-cost regions such as the San Francisco Bay area and Orange County. The declines were less severe in Los Angeles County and in the Inland Empire region made up of the counties of San Bernadino and Riverside. Meyers said its data reflect contract agreements for new-home sales rather than closing of transactions.