The Morning Report
San Diego news and info
you need to take on the day.
The declines keep coming:
- The Case-Shiller home price index showed a 3.9 percent drop in 20 major U.S. cities in the past year n the largest decline in the seven years the index has existed. For San Diego, prices were down 7.8 percent in July compared with July 2006. The Case-Shiller index is considered by many market observers to be the most accurate measure of home prices because it tracks the same homes every time they are sold over years.
- The National Association of Realtors reported the sales of existing homes in August hit its slowest rate in five years.
- Lennar Corp., a leading national homebuilder, reported its largest quarterly loss ever. The company has cut its workforce by 35 percent in response to market conditions. (You might remember the local Lennar offices that had switched to Folgers from Starbucks for the coffee in their breakrooms because of the market last year.)
- Consumer confidence nationwide dropped to its lowest level in two years, the Conference Board reported.
And I just found this excellent data clearinghouse for layoffs in housing related companies. Check it out.