Survey Sets Median Pro Dealer's Margin at 26.62%
Last year's median pretax profit was just 0.62%, latest Cost of Doing Business Report finds
Source: PROSALES Information ServicePublication date: June 16, 2009
By Craig Webb
The median pro-oriented building material dealer posted a gross margin of 26.62% and a pretax profit of just 0.62%, the 2009 Cost of Doing Business Report (CODB) reveals. Read more.
Housing starts climb in May
(Jun. 16) After receiving disappointing housing-starts stats for March and April, the industry received some good news for May, when starts jumped 17.2% to a seasonally adjusted annual rate of 532,000, according to data released Tuesday by the Department of Commerce. Single-family starts increased 7.5% to a rate of 401,000 -- cracking the 400,000 mark for the first time since November 2008.
The numbers looked good compared with April's all-time low rate of 458,000, however, both metrics are well below a year ago. Total starts were down 45.2%, and single-family starts were down 40.9%, compared with May 2008. Read more.
Builder Confidence Slips One Point in June
NAHB says housing market and economy are "fragile."
Source: BUILDER OnlinePublication date: June 15, 2009
By Alison Rice
Builders' confidence in the housing market wobbled in June, according to the NAHB/Wells Fargo Housing Market Index (HMI) released today.
The monthly index, which measures builders' assessment of buyer traffic as well as current and future sales, dipped one point this month to a reading of 15. "As expected, the housing market continues to bump along trying to find a bottom," said David Crowe, NAHB's chief economist, in a statement. Read more.
Retail sales down 4.7% from last year
(Jun. 11) According to the National Retail Federation, retail industry sales for May (which exclude automobiles, gas stations and restaurants) increased 0.2% seasonally adjusted from April but dropped 4.7% unadjusted over last year.
May retail sales released today by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) increased 0.5% seasonally adjusted over April and decreased 11.1% unadjusted year-over-year.
“With no direct stimulus for consumers this year, retailers were left with tougher comparisons, making May retail sales appear weak,” said NRF chief economist Rosalind Wells. “However, a slight sales increase from April provides hope that the economic turnaround may not be that far off.” Read more.
New Index Foresees Recession's End
Source: USA TODAYPublication date: June 11, 2009
By John Waggoner
The recession likely will end in September and be followed by a mild recovery, according to the new USA TODAY/IHS Global Insight economic outlook index.
But despite Federal Reserve Chairman Ben Bernanke's recent talk of the economy's "green shoots," few are confident prosperity is near. And the Fed's "beige book" report released Wednesday, a look at the nation's regional economies, says that the economy remained generally weak in April and May. Read more.
Foreclosure Rate Dips in May
Source: USA TODAYPublication date: June 11, 2009
By Stephanie Armour
The pace of foreclosures remains at a historic high and mortgage demand is tumbling as interest rates climb, reflecting a wobbly housing recovery that could falter if rates continue to rise.
While foreclosure filings dipped 6% in May compared with a month earlier, the overall pace of foreclosures was still the third-highest month on record, according to a report today from RealtyTrac. Foreclosure filings were reported on 321,480 homes during May, an increase of 18% from May 2008. One in every 398 homes received a foreclosure filing last month. Read more.
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