Home sales plunge in August to slowest pace in 17 years
Industry experts and sideline observers have long speculated as to when the nation's floundering housing market will hit bottom. Many voiced their views in a story we ran in Sunday's paper.
If figures released Thursday by the Commerce Department are any indication, we still have a way to go. In fact, new home sales tumbled in August to the slowest pace in 17 years, while the average sales price fell by the largest amount on record, demonstrating the depth of the problem that Washington is trying to solve.
For more on this, read on.
About this blog
Economic Alert is a daily blog on business and the economy in the San Gabriel Valley and beyond, featuring updates and observations from the staff of the San Gabriel Valley Newspaper Group. SGVN includes the San Gabriel Valley Tribune, Pasadena Star-News and Whittier Daily News.
Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
e-mail
Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
e-mail
Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
Leave a comment