Pending home sales rebound as buyers snatch bargains
The National Association of Realtors shows December pending home sales up 6.3 percent to 87.7, with gains in the South and Midwest. Economists warn prices may fall further in 2009 and a housing recovery remains uncertain amid layoffs and tight lending.
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Market Review Snapshot Shows Mixed Tuesday Trading
A compact market note reports modest gains and declines with percentage shifts around 1 to 2 percent. Analysts cite technology and energy sectors driving the mix while caution remains ahead of upcoming economic data releases.
Widespread layoffs surge as recession deepens across sectors
The downturn fuels mass job cuts at PNC 5800 positions Hawker Beechcraft 2300 Liz Claiborne 725 Macy s 7000 King Pharmaceuticals 520 Rockwell Collins 600 and UPS 401(k) suspensions GM offers buyouts. Economists warn further losses to 524000 to 700000 in January with unemployment rising to about 7.5 percent.
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Moody’s Economy.com
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