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To: long-gone who wrote (14942)	7/27/1998 4:50:00 AM
From: Richard L. Williams	Read Replies (3) \| Respond to of 116764

As another example of the real world, I went to my local food store this morning, which is civilly open 24 hours a day, and saw a sign proclaiming "5,000 prices lowered!" And they are, by an average of 5% or so, with even my cat's food dipping by 12%. I bought a U.S. made shirt for $16 two weeks ago. They have been running as high as $24 in the past. I see no signs of inflation out here, Richard. Enjoy your gold hoard.

To: long-gone who wrote (14942)	7/30/1998 6:17:00 PM
From: goldsnow	Respond to of 116764

WASHINGTON, July 30 (Reuters) - Sales of new U.S. homes jumped to a record pace in June, the government said on Thursday, as rising incomes allowed buyers to snap them up. New-home sales climbed 3.8 percent to a record 935,000-unit annual rate, the fastest pace since record-keeping began in 1963, the Commerce Department said. The revised annual rate of 901,000 homes reported for May was the previous record. The pickup in June sales was a surprise since Wall Street analysts had forecast a moderate slowdown to a rate of 888,000. Analysts said all indicators were positive for the economy's housing sector heading into the second half of the year. ''It should remain strong as long as interest rates remain low, the labour market remains tight, the stock market remains near its highs and consumer confidence remains high,'' said economist Marilyn Schaja at Donaldson, Lufkin and Jenrette Securities Corp. in New York. June sales ran a robust 15.4 percent higher than a year earlier, when home sales were at a rate of 810,000 a year. Moreover, the monthly supply of new homes for sale fell to to 3.7 months' worth in June, the lowest on record. That means construction activity should remain vigorous as builders race to keep up with demand. The strong home-sales figure, along with other reports of rising wages in the second quarter and fewer jobless claims last week, helped ignite a rally in stock prices after days of decline. The Dow Jones industrial average rose 79 points to 8,994 while the yield on the 30-year U.S. Treasury fell to 5.75 percent from 5.76 percent Wednesday. The June home sales boom was led by a 21.8 percent jump in the South, the nation's biggest regional market, to a record annual rate of 469,000 new homes. In the Midwest, sales rose 4.6 percent. Sales fell 10.8 percent in the Northeast and 16.8 percent in the West. Remarkably, home prices declined in June despite the strong demand. The average price for a new home eased to $175,800 from $184,800 in May. Economist Joel Naroff of First Union Corp. in Charlotte, N.C., said it was doubtful sales would stay at June's pace because there were not enough buyers to go around. ''Thus, while residential real estate may be adding to overall economic growth, it it could become a drag as we move toward the end of this year and into 1999,'' he said. Strength in housing, which spurs sales of building materials as well as home furnishings, has been a key part of the economy's expansion since the last recession ended in March 1991. 14:53 07-30-98 Transmitted: 07/30/98 14:53