Oil < $105
Back in March, I posted some info on Crude passing $105 and hitting $107 for the first time: Crude Oil = $107.
Its a round trip: We broke below $105, trading as low as $104.23.
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from CSFB this morn..
Monthly Survey of Real Estate
Traffic Slips Further in August; Buyers
Focused on Foreclosures and Bargains
August brings another month of weak traffic; losing some traction in
hard-hit markets. Our Monthly Survey of Real Estate Agents showed a
modest decline in August, with agents continuing to cite buyer hesitation
about falling home prices and difficulty obtaining a mortgage as the key
challenges. We did see changes among markets, though, as several
markets that had seen better traffic in recent months (based on the better
affordability from lower home prices) experienced significantly weaker traffic
in August. Pricing continued its slide, with our price index falling to 20, from
21 (readings below 50 point to sequentially lower prices).
Traffic off slightly overall; earlier bright spots dimming. Our traffic index
fell to 25.9, down from 27.4 in July with any reading below 50 pointing to
traffic below expectations. Unfortunately, markets such as Ft Myers, Las
Vegas, Sacramento, and Washington, D.C. (all of which had seen better
traffic in recent months) all saw traffic drop by over 10 points in August. Only
the Inland Empire (Riverside-San Bernardino, CA) showed continued
improvement. We did see better trends in both Miami and San Diego with
slightly better traffic in Houston and Phoenix.
On positive side, inventory levels closer to stabilizing. Our traffic index
increased to 38 in August, up from 35 in July (with a level of 50 indicating flat
inventories sequentially with levels above 50 pointing to falling inventory
levels). Denver, Las Vegas, Minneapolis, Orlando, Phoenix, San Francisco,
Sarasota, and Tucson were among the markets showing flat or falling
inventory levels in August. We continue to believe that declining inventory
levels are necessary for home price stabilization.
Posted by: Vermont Trader | Sep 9, 2008 9:30:53 AM
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