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Sales of existing homes nationwide are down 8.9% this year, including a 17% free fall in the West, according to the NAR. A year ago, 2.6 million units were on the market. Now there are 3.7 million, a 39% spike. Home builders, whose stock prices have tumbled, were late to cut production, a bad sign for new-home inventories, especially with mortgage rates higher than last year's levels. KB Home, a national builder, says its cancellation rate shot up to 37% in the second quarter, from 25% a year earlier. "People are making arguably the most significant economic decision...
Still, the slowdown seems certain to take a toll on the economy. Housing activity accounted for a full percentage point of last year's 3.5% GDP growth. Psychologically, rising home prices have made homeowners feel wealthier--just as stock prices did in the dotcom boom--boosting consumer confidence and spending on everything from cars to restaurant meals. Those rising prices, along with low borrowing costs, led homeowners to cash out a record $450 billion in home equity in 2005--money pumped into the economy. Rising interest rates have clogged that artery. And each month millions of homeowners have to write...
...Lieberman's campaign lambasted Lamont for the Halliburton holdings last spring, until it was revealed Lieberman himself owned mutual funds that held stock in the corporate giant. Lieberman spokesperson Steinfels said the Senator has no stock in Wal-Mart, either held directly or in mutual funds. His financial disclosure forms do show mutual funds that continue to hold Halliburton...
...Lamont, who is worth between $90 million and $300 million, is leading Lieberman 54% to 41% in the latest Quinnipiac poll. His campaign accused the Lieberman camp of desperate political tactics in criticizing his holdings of the Wal-Mart stock. "This is a pathetic attempt by someone who's clinging to power to make an issue where there is no issue," Lamont's campaign manager Swan said...
...Swan said Lamont has no plans to sell either the Halliburton or the Wal-Mart stock. "At this time he is not looking to getting into directly managing or investing any of his funds," Swan said, "If he is fortunate enough to be elected, Mr. Lamont realizes that there are a variety of investing decisions that he will have to make," including "how to deal with [his investments] in the most ethical manner...