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October 26, 2007
Grim Housing Data Lifts Wall St. Hopes for Rate Cut
The National Association of Realtors this week announced an unexpectedly steep 8 percent, month-to-month slide in sales of previously owned homes in September. A total of 5.04 million units changed hands on an annualized basis, down from 5.48 million in August, the group calculated. The bleak report also noted that the median U.S. home price was down to $210,200 from $223,700. While the stock market had a bad reaction to the news initially, share prices picked back up on the increasing possibility that the Federal Reserve--faced with the risk of a deteriorating credit market--will lower interest rates once again when it holds its next policymaking session a week from now.
Posted by S. Germain at October 26, 2007 08:06 AM