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NEW HOUSING NUMBERS CAN’T SUPPORT MARKETS

By
Paul Tharp
Published Oct. 28, 2008, 7:42 a.m. ET

Bargain house-hunters are finally offering a ray of hope to the desperate housing industry.

Sales of new homes posted an unexpected jump in September when seasonally adjusted, signaling to some housing analysts that if housing prices go low enough, buyers will emerge.

The boost, which would not have been apparent without the adjustment, came just a week following a report that existing home sales climbed 5.5 percent in September, the best gain in five years. Existing home sales dominate the industry.

The Commerce Department yesterday said the median price of a new house in September skidded by 9.1 percent from a year earlier to $218,400.

As a result, the number of new-home buyers spurted 2.7 percent in September – mostly in the West – despite difficulties in obtaining mortgages and credit, an indication there’s deeper pent-up demand for housing than on the surface.

Government economists had expected new home sales to decline, but instead they rose to an annual rate of 464,000. New home sales are still 33.1 percent lower than September a year ago.

Meanwhile, in light trading, stocks declined to five-year lows amid mounting global fears of recession.

The Standard & Poor’s 500 index is on track to post its worst trading month since the end of World War II as hedge-fund traders unload huge positions to raise cash.

Asian stocks dropped to startling 26-year lows, while Europe’s markets also hit five-year lows.

The Dow Jones industrial average fell 203.18, or 2.42 percent, to 8,175.77. The S&P 500 shed 3.18 percent, or 27.85 points, to 848.92. The Nasdaq lost 2.97 percent, or 46.13, to 1,505.90.

“I think the market psychology still has a negative slant to it. There is no news to suggest that this downward spiral will end any time soon,” said investment chief Keith Wirtz of Fifth Third Asset Management.