August 17, 1994 |
Construction of new homes and apartments rebounded slightly in July, but analysts said the latest increase in interest rates will further brake an already slowing housing market. "It will definitely have a chilling effect," said Tommy Thompson, president of the National Assn. of Home Builders, referring to the rate increase engineered by the Federal Reserve Board on Tuesday, the fifth this year. Shortly after the Commerce Department reported that housing starts rose 4.
February 17, 1994 |
Home building took its steepest slide in a decade last month, dragged down by the harsh winter and the Northridge earthquake. Analysts said residential construction will remain stuck this month because of lingering severe weather but will regain its footing as spring approaches. Housing starts skidded 17.6% in January to a seasonally adjusted annual rate of 1.29 million units, the Commerce Department reported Wednesday.
December 14, 1993 |
Profits earned by the nation's thrift industry declined 40% from July through September because of a $500-million, onetime write-off by two Northeast institutions, the government said Monday. But Jonathan L. Fiechter, acting director of the Office of Thrift Supervision, said, "Despite the impact of the goodwill write-off on earnings, the thrift industry remains healthy." Fiechter declined to name the institutions but said both remain in good shape.
December 31, 1994 |
Sales of new homes tumbled in November for the first time in five months, and analysts predicted further declines in 1995 as higher interest rates erode consumer demand. Sales in the West--including California--fell 16.1% to a 177,000 annual rate. "It's clear this is the beginning," said economist David Lereah of the Mortgage Bankers of America. "The housing sector is slowing."
September 17, 1992 |
Profits at the nation's savings and loans fell 17.5% to $1.27 billion in the second quarter despite huge gains from lower interest rates, the government said Wednesday. But the industry still earned a record $2.81 billion for the first half of this year, surpassing a previous high of $2.7 billion for the six months that ended March 30, 1986. California's 111 private sector thrifts enjoyed a big boost in earnings, with net income of $94.
March 11, 1994 |
Profits of savings and loans slipped slightly last year--to $5 billion from $5.1 billion the year before--but it was a far cry from the industry's bad old days of multibillion-dollar losses. It was the third consecutive year of profits for the industry after four years--1987 through 1990--that saw it hemorrhage more than $30 billion. The 1,669 institutions that have managed to survive the S&L crisis earned profits of $1.