This Week's Market Movers - Indicators

Released on 9/24/2008 10:00:00 AM For August, 2008
Existing Home Sales-----Previous---------Consensus---------Consensus Range
-------------------------5.00M-----------4.92M-------------4.80 to 5.15M
Market Consensus Before Announcement. Existing home sales rose 3.1 percent to a 5.0 million annual rate in July. But the rise did not make a dent in supply on the market, which was still severely bloated at 11.2 months and up from 11.1 months in June and 10.8 months in May. Unsold inventories continued to weigh on prices which fell 1.3 percent in the month to a median $212.4 million for a 7.1 percent year-on-year decline. There are mixed signals on whether sales will pick up further in August. The latest pending home sales index fell 3.2 percent in July while the Mortgage Bankers Association's purchase applications index was little changed over the month of August.


















Released on 9/25/2008 8:30:00 AM For August, 2008
New Orders - M/M change-----Previous----------Consensus---------Consensus Range
---------------------------------1.3 %------------ -1.6%-------------- -5.9% to 0.6%

Market Consensus Before Announcement. Durable goods orders in July were surprisingly strong -- even after discounting a surge in aircraft orders. And businesses are looking past current weakness in the economy, continuing to invest in the economy. Durable goods orders advanced 1.4 percent in July and matching the 1.4 percent surge in June. Excluding the transportation component, new orders increased 0.7 percent, following a 2.6 percent jump in June. Strength was moderately widespread. July's gain was the largest since a 4.1 percent surge in December 2007. Apparently, exports are still providing support for the manufacturing sector along with a moderate uptrend in equipment investment in the U.S., despite a slowing in consumer spending. But the outlook is mixed, according to recent manufacturing surveys. The new orders index in the ISM manufacturing survey remained slightly negative in August while the same index in the Empire State Survey turned slightly positive in September (this report is based on responses from late August and early September). The Philly Fed's manufacturing survey for September showed a rise in new orders (also based on responses from late August and early September).

Released on 9/25/2008 10:00:00 AM For August, 2008
New Home Sales - Level- SAAR-----Previous----------Consensus---------Consensus Range
-------------------------------------515 K-------------510K--------------490K to 530K
Market Consensus Before Announcement. New home sales have been showing no sign of improvement while supply on the market is coming down. New home sales came in at a 515,000 annual unit rate in July and, importantly, sales for June and May were both revised lower by a combined 46,000 units. Year-on-year sales were down 35 percent. But homebuilders have been cutting back on construction as new homes on the market fell 23,000 in the month to 416,000, pulling down the months' supply to 10.1 from 10.7 in June and 10.8 in May. The median sales price rose 0.3 percent in the month but was down 6.3 percent on the year.