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The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.6 percent to 90.4 from an upwardly revised 97.8 in December, but remains 12.3 percent higher than January 2009, when it was 80.5. January pending sales, though still higher than one year ago, remain much lower than expected given that a large number of potential buyers are eligible for the expanded home buyer tax credit. Moreover, the abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February.
Existing-home sales — including single-family, townhomes, condominiums, and co-ops — dropped 7.2 percent to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the 4.53 million-unit level in January 2009.
Sales of newly built, single-family homes declined 11.2 percent in January to a seasonally adjusted annual rate of 309,000 units, the slowest pace on record. This disappointing report highlights just how fragile the economic and housing recovery is right now, and the uncertainties that continue to weigh on consumers, particularly with regard to concerns about job security.
Consumer confidence dropped sharply in February. Concerns about current business conditions and the job market pushed the Present Situation Index down to its lowest level in 27 years. Consumers’ short-term outlook also took a turn for the worse, with fewer consumers anticipating an improvement in business conditions and the job market over the next six months.
Nationwide housing production hit its strongest pace in the last six months this January, posting a 2.8 percent gain to a seasonally adjusted annual rate of 591,000 units. Builders are starting to see the positive impacts of home buyer tax credits and other favorable buying conditions in terms of consumer demand, and are cautiously increasing production to meet that demand.
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Pella Corporation Trade Segment Manager Jarred Roy has earned the National Association of Home Builders (NAHB) Remodelers Chairman’s Award for Outstanding Service. As Pella’s trade segment manager, Roy develops and leads Pella’s trade marketing initiatives on behalf of the company’s branch network system in support of remodeler, builder, contractor and residential architect relationships.
CertainTeed has diverted more than 24 million pounds of waste from being landfilled by incorporating a high-recycled content in its insulation product. ToughGard 2 Textile Duct Liner contains 75 percent recycled content — the highest of any textile duct liner in the market.
Whirlpool launches an easy-to-use rebate finder tool on three of its brand Web sites – Whirlpool, Maytag and KitchenAid brands. By entering a local zip code and appliance type, the online tool instantly informs the consumer of the amount of applicable state rebates through the federal program.
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