NY Times: Consumer confidence declines to a 16-year low
source: http://www.nytimes.com/2008/06/25/business/25econ.html?ei=5087&em=&en=ad85ca976fbe2e0e&ex=12...
-
-
- merasyad
- added this
Consumer confidence dropped to its lowest point in 16 years in June while home values fell in 20 metropolitan areas across the country, according to two economic reports released Tuesday.
The Conference Board, a private firm, said that its consumer confidence index fell to 50.4 in June, down from 58.1 in May, its lowest point since January and February 1992. The data reinforced what many on Wall Street had already accepted as a given: the Federal Reserve will hold interest rates steady at its meeting that ends Wednesday.
All 20 of the metropolitan areas surveyed in the Standard & Poor’s/Case-Shiller home price index, released Tuesday, recorded year-over-year declines in the value of single-family homes from April 2007 to April 2008.
The average home price in all 20 regions fell 1.4 percent from March and 15.3 percent from a year earlier. That was worse than the 14.3 percent year-over-year drop recorded in March. The housing market has been hard hit by foreclosures and squeezed by tighter standards at lending agencies, which have made it harder for even qualified homeowners to obtain mortgages.
The Conference Board, a private firm, said that its consumer confidence index fell to 50.4 in June, down from 58.1 in May, its lowest point since January and February 1992. The data reinforced what many on Wall Street had already accepted as a given: the Federal Reserve will hold interest rates steady at its meeting that ends Wednesday.
All 20 of the metropolitan areas surveyed in the Standard & Poor’s/Case-Shiller home price index, released Tuesday, recorded year-over-year declines in the value of single-family homes from April 2007 to April 2008.
The average home price in all 20 regions fell 1.4 percent from March and 15.3 percent from a year earlier. That was worse than the 14.3 percent year-over-year drop recorded in March. The housing market has been hard hit by foreclosures and squeezed by tighter standards at lending agencies, which have made it harder for even qualified homeowners to obtain mortgages.
-
- groups:
- Community, News and Politics
-
- tags:
- News, News and Politics, Economy, Business, 6 more
more from Community:
from the community
-
1
-
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
- more
