November 29, 2007

Economy had strong showing in summer (AP)

Property manager Mike Carroll, of Scarborough, Maine, gets ready to clean debris out the gutter on a house for sale in Falmouth, Maine, on Wednesday, Nov. 28, 2007. In  a sign of spreading economic weakness, the Commerce Department reported Wednesday that orders to factories for big-ticket manufactured goods declined by 0.4 percent in October. It was the third straight drop, the longest stretch of weakness in nearly four years. Sales of existing homes fell for the eighth consecutive month in October, with median home prices falling by a record amount. (AP Photo/Pat Wellenbach)AP – The economy barreled ahead in the summer, growing at a 4.9 percent pace. The performance was the strongest in four years but isn’t expected to last through the current quarter amid the housing slump and credit crunch. Sales of new homes edged up in October but sales activity still hovered near an 11-year low.

Tags: Real Estate Blog, Real Estate Business
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