Posts Tagged ‘Housing’

Market lower on weak new home sales

Posted by Michael on October 28th, 2009

tradersThe markets are trading in the red today, being pulled down by investor concern over the most recent data regarding the housing market.

According to the Commerce Department this morning, September sales of new homes dropped by 3.6%. September’s annual rate was 402,000 units, which was below the expected 440,000 annual units.

The average price for a new home was also lower, falling 9.1 percent on a year-over-year basis to $204,800. On the bright side, that is up 2.5 percent from August.

The housing market has been rebounding a bit lately, but things could turn around quickly should the current $8,000 tax incentive expire at the end of next month. It has been given credit for helping boost sales, but analysts are worried what will happen if Congress does not extend the program.

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Another down day for the market

Posted by Michael on February 25th, 2009

After yesterday’s rally, and President Obama’s speech last night, it would have been nice to see another strong day for the market, but that was not the case as sellers came back in and sent all the major markets lower in today’s trading.

As we know, the housing market has been a major drain on the overall economy, and the real estate market got some more bad news today as we learned that January existing home sales dropped by more than expected.

Several big names hit new fresh 52 week lows today:

  • Pfizer (PFE)
  • Las Vegas Sands (LVS)
  • Nokia (NOK)
  • Caterpillar (CAT)
  • Boeing (BA)

We will see if the markets are able to pick up some steam tomorrow, but for now it looks like pessimism is still running wild on Wall Street

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Market Update – Markets close the week on a sour note

Posted by Michael on February 13th, 2009

Friday was another sell off for the market, as investors continue to show fear ahead of a plan out of Washington on how to reverse the current recession that seems to be deepening with each passing day.

The DOW was down 1.04% today, the NASDAQ traded 0.5% lower, and the S&P dropped another 1.0% in today’s trading.

For the week, the DOW dropped a total of 5.2%, and is sitting at lows that we have not seen since back in November when fear was running rapid among traders regarding the future of the economy.

One thing that is keeping traders in a selling mode is the waiting game to see what version of the current stimulus package actually gets approved. In today’s news, the House of Representatives passed their version on the stimulus package, a $787 billion plan to boost the economy. The next step is to get the bill pass the Senate, which is expected to cast its vote later today.

President Obama was optimistic that the bill had made it through the House, and now awaits to see if the Senate will send him the bill for his approval next week.

In other news today, two of the big banks, JPMorgan Chase, and Citigroup announced that they were enacting a moratorium on new foreclosures until they see what sort of plan Obama announces to help ease the huge increases in foreclosures that are hitting the market. Both banks have suspended new foreclosures until the first part of March in hopes of easing the pain that many homeowners are currently dealing with.

The markets will be closed on Monday, so we will have to wait until Tuesday to see if the market can make up some of its recent losses.

Enjoy your Valentines Day, and your long 3 day weekend.

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Posted in After the Bell, Bad News, Congress, Economy, Foreclosures, Housing, Market Updates, Politics, Recession Tags: , , , , , , , No Comments »