Thursday, August 24, 2006

Economists See Signs of Housing Slowdown

In July 2006, housing and stock markets rebounded from a spring slump, but a slowdown in the U.S. — particularly in the housing sector — partly offset those gains and aggravated a drop in orders for manufactured goods in Canada.

The pace of existing home sales in the U.S. fell more than expected in July as a measure of the supply of unsold homes was the highest in more than 13 years, signalling a deepening housing sector downturn.

U.S. homebuilder stocks, already trading near yearly lows as housing sales remain depressed this summer, pulled back after the data was released. Toll Brothers Inc. dropped 82 cents, or 3.2 %, to $24.38. Pulte Homes Inc., the U.S. nation‘s largest homebuilder fell 93 cents, or 3.2 %, to $28.18.


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