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Housing Slump

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BUSINESS
May 22, 2007 | Times wire services
Earnings at Lowe's Cos. fell 12.1% in its fiscal first quarter, trailing analysts' expectations and depressing shares of the country's second-largest home improvement retailer. The Mooresville, N.C.-based company said mixed weather and a continued housing slump hurt sales. Rival Home Depot Inc., the nation's largest home improvement chain, said last week that its first-quarter profit dropped 29.5%.
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BUSINESS
June 27, 2012 | By Alejandro Lazo, Los Angeles Times
A key index of home prices in American cities turned positive in April, signaling that the housing slump may be turning a corner nationally despite considerable weakness in some hard-hit metropolitan areas. Notching the first gain after seven months of declines, the Standard & Poor's/Case-Shiller index of 20 large cities rose 1.3% in April over March. The index was still down 1.9% compared with April 2011, although that was the smallest year-over-year decline since November 2010.
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BUSINESS
December 25, 2006 | From Bloomberg News
The U.S. housing market is showing signs of stabilizing after its biggest decline in 15 years, economists said in advance of two reports on home sales this week. New-home purchases increased 0.5% in November to an annualized rate of 1.015 million, according to the median estimate in a Bloomberg News survey of economists before the Commerce Department's report Wednesday. The National Assn. of Realtors is expected to report the next day that sales of previously owned homes fell about 0.
BUSINESS
March 31, 2011 | By Alejandro Lazo, Los Angeles Times
A glut of troubled homes not yet on the market threatens to prolong a housing slump already burdened by weak job growth and a lack of enthusiasm among buyers. This so-called shadow inventory amounted to 1.8 million properties at the end of January, Santa Ana mortgage research firm CoreLogic reported Wednesday. While that was a decrease from 2 million properties in January 2010, it remained about a nine-month supply because the sales pace has weakened this year in the absence of federal tax credits for buyers.
BUSINESS
April 5, 2008 | From Bloomberg News
The average asking rent for U.S. apartments rose 1% in the first three months of 2008, the 24th consecutive quarterly gain, as the U.S. housing slump deterred people from buying homes, according to real estate research firm Reis Inc. San Francisco had the most rapid rent growth at 11.1%, followed by San Jose at 8.9%, New York at 8.8% and Seattle at 7.8%, New York-based Reis said. The U.S. housing slump has entered its third year with plunging sales and prices and rising foreclosures.
NEWS
November 21, 1990 | TOM FURLONG, TIMES STAFF WRITER
Paced by sharp declines in California, nationwide housing construction in October fell to its lowest level since the recession of the early 1980s, the Commerce Department reported Tuesday. Triggered by plunging consumer confidence and the growing inability of builders to obtain loans, the pace of housing construction has now fallen for nine straight months, the longest string of declines since such statistics were first tabulated in 1959.
NEWS
January 6, 1991 | From Times Staff and Wire Reports
The recent housing slump in California has lowered lumber prices and caused Humboldt County timber companies to lay off employees and consider other cost-cutting measures. Pacific Lumber Co. in Scotia announced Friday it was laying off 23 employees because of modernization at the company and the drop in demand for lumber. Other timber companies in the region are also taking steps to trim costs and brace for tough times. Louisiana-Pacific Corp.
BUSINESS
October 27, 2007 | From Reuters
U.S. consumer sentiment fell further than expected in late October to its lowest level in more than a year as concerns about the housing slump darkened the economic outlook, according to a survey released Friday. The Reuters/University of Michigan Surveys of Consumers said its late October figure on consumer sentiment was 80.9, down from the month's preliminary reading of 82 and the final September reading of 83.4. It was the lowest reading since May 2006, when it was 79.1.
BUSINESS
September 7, 2007 | From Reuters
The U.S. service sector showed surprising strength last month and the number of Americans lining up for jobless aid fell last week, according to reports Thursday that eased concerns housing market tumult would upend the economy. The reports offered a fresh take on the economy's health and, on balance, financial markets saw the data as lessening the need for the Federal Reserve to aggressively cut interest rates to prop up the economy.
NEWS
February 10, 2008 | Allison Hoffman, Associated Press
The housing slump is spreading gloom through the economy, but it's turned out to be a silver lining for thousands of Southern Californians who lost homes in last October's wildfires. Families have their pick of builders. Idled subdivision builders are willing to take on single-home projects. One developer is taking burned lots as down payments on new tract homes that aren't selling. More than 1,000 foreclosed houses repossessed by banks are up for auction in fire-ravaged areas. "Daily we get fliers in the mail from people wanting our business," said John Vehar, 56, an AT&T Inc. project manager who lost his home in Ramona, north of San Diego.
BUSINESS
March 18, 2011 | By Alejandro Lazo, Los Angeles Times
California's housing market extended its slump in February with mixed prices and weak sales despite strong investor interest in Southern California and the Bay Area. The Golden State's median home price was $244,000, up 2.1% from the prior month but down 2.0% from February 2010, according to DataQuick Information Systems. The state's median price ? the point at which half of the homes sold for more and half for less ? has fallen on a year-over-year basis for five consecutive months after 11 months of gains.
BUSINESS
June 2, 2010 | By Hannah Sampson
— Two years ago, tony, secluded Fisher Island was perched atop a lofty list: America's most expensive ZIP Code. With a median home price of $3.85 million, 33109 grabbed the No. 1 spot on Forbes magazine's annual ranking — and plenty of glowing media attention. That was then. Now a handful of homes on the 216-acre island have gone into foreclosure, 23 residents are still stinging from their brush with Ponzi schemer Bernie Madoff, and the median price of a unit has slid 15% since the Forbes list came out. That No. 1 ranking?
BUSINESS
February 19, 2010 | By Lauren Beale
Billionaire tax cheat Leona Helmsley loved a good bargain. So, were she still around, the late hotelier might appreciate recent happenings at her Greenwich, Conn., estate known as Dunnellen Hall. The 14-bedroom, 13 1/2 -bathroom mansion, which came on the market priced at $125 million two years ago, has been reduced to $60 million. That's a 52% price chop for the 21,897-square-foot Jacobean manor on 40 rolling acres. The home comes with a 52-foot indoor swimming pool, a walled courtyard featuring a 70-foot reflecting pool and a roof terrace with views of the Long Island Sound.
BUSINESS
October 28, 2009 | Alana Semuels
Ron Barlow's 34-year career at the sawmill in the heart of California's Redwood Empire was a study in consistency. From behind the wheel of his yellow LeTourneau log stacker, he watched trees swaying against a bright blue summer sky. In the fall, yellow aspens provided a blast of color in the fog-shrouded forest. Spring brought light-green sprouts of grass poking out of the damp, evergreen-scented ground. Barlow's own season at the mill ended this month when the Seattle lumber company that owns the facility padlocked the gates, leaving more than 40 workers jobless.
BUSINESS
November 8, 2008 | Times Wire Services
LandAmerica Financial Group Inc., the third-biggest U.S. title insurer, agreed to sell itself to No. 2 Fidelity National Financial Inc. for $128 million in stock after damage from the housing slump jeopardized its independence.
BUSINESS
October 24, 2008 | TIMES WIRE REPORTS
Target Corp., facing slower sales and rising delinquencies in its credit card business, said it was further tightening finance terms for its cardholders -- even those in good standing. The discounter may become even more stringent if credit conditions keep deteriorating. Executives told analysts at Target's annual meeting in Minneapolis that it was tightening terms for all customers who live in areas such as California that have suffered the most from the housing slump.
BUSINESS
June 27, 2007 | Annette Haddad, Times Staff Writer
Too many unsold homes and too few buyers have been driving down home sales and prices lately, and a flurry of news Tuesday offers fresh evidence that the slump is far from over. Sales of new homes nationwide dropped in May -- the fourth decline in the last five months, the Commerce Department said. And prices of existing homes declined 2.1% in April from a year earlier, according to a widely watched report by Standard & Poor's/Case-Shiller.
BUSINESS
November 2, 2007 | From Times Wire Reports
First American Corp. said third-quarter profit fell 48% as demand for new mortgages fell amid the worst U.S. housing slump in 16 years. Net income was $46.6 million, or 49 cents a share, compared with $90.4 million, or 92 cents, a year earlier, the Santa Ana-based title insurer said.
BUSINESS
July 3, 2008 | From Times Wire Services
U.S. mortgage servicing companies helped 170,000 homeowners modify loans or set repayment plans to avert foreclosure in May, a 7% decrease from the previous month, according to an industry survey. The Hope Now Alliance of loan servicers, counselors and investors has helped almost 1.7 million owners stay in their homes since last July, the Washington group said. Companies in May set up 100,000 repayment plans and modified loans for 70,000 borrowers, Hope Now said. A record 183,000 homeowners received help in April, the group said.
REAL ESTATE
June 15, 2008 | J.W. Elphinstone, Associated Press
Renters may be the big winners in the housing slump, especially in places like Southern California, Las Vegas and Florida, which have thousands of vacant for-sale and foreclosed homes and condominiums on the market. Apartment vacancies are edging up in many areas of the country as frustrated sellers instead try to rent out their homes and condos. And that is making it harder for landlords to raise rents.
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