Hot and Cold in the Housing Market

Insight on the News, September 16, 2003 | Go to article overview

Hot and Cold in the Housing Market


Byline: Jamie Dettmer, INSIGHT

Hot and Cold in The Housing Market

The good news is that increases in mortgage rates in July failed to slow the housing market and that sales of previously owned homes rose to a record in the month. Home resales totaled 6.12 million at an annual pace during the month, up 5 percent from June's 5.83 million rate and the third increase in the last four months.

But the not-so-good news is that there were anecdotal reports from realtors in August of the market going wobbly in parts of the country with housing prices reportedly sliding in some Southern and Midwestern states by about 10 percent. The National Association of Realtors acknowledges that July probably was a peak month and that sales are likely to slow between 4 and 5 percent later this year. In short, home buying, which spurs purchases of related items such as furniture and appliances, is unlikely to get stronger. David Lereah, the Washington-based group's chief economist, says he expects to see a slowing of price appreciation to the low single digits.

Previously owned homes account for 85 percent of the residential real-estate market and new homes the remainder.

Because of the highly active first half of the year, 2003 is likely to be the strongest ever recorded for the industry. But the rise in interest rates already has slowed the mortgage-refinancing sector. And the Federal Reserve can do little about it mortgage rates are pegged to long-term securities such as 10-year Treasury notes, whose yields have risen because investors fear higher inflation.

Getty and Germany

Apiece of unpleasant history: According to newly released British intelligence documents, Texas oil billionaire Jean Paul Getty was at the heart of a conspiracy to provide support to Adolf Hitler's Germany early in World War II. The documents, just declassified at the National Archives in London, link Getty to a shadowy network of financiers who supplied Nazi Germany with fuel in defiance of a British blockade. Getty's "Suspect Persons" file was prepared, according to The Observer of London, by the British Security Coordination team in New York run by William Stephenson, Winston Churchill's secret envoy to President Franklin Roosevelt.

The dossier was compiled after a banker who worked for Hermann G|ring was arrested in Trinidad in October 1941 for shifting Nazi funds out of Europe. It states: "Getty, controller of Mission Oil Corp., which holds German patents licensed by IG Farben and Standard Oil of New Jersey subsidiaries, returned from Europe in November 1939 talking breezily about his 'old friend' Hitler. Later he was said to have sold 1,000,000 barrels of oil to Germany for delivery via Russia. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Hot and Cold in the Housing Market
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.