Economic News - September 25, 2008

Existing Home Sales - August 2008

• Total Existing Home Sales Annual Rate: 4.91 million


• Year-to-year Change: Down 10.7%

Weekly Mortgage Applications Survey - September 24, 2008

• Market Composite Index: 591.4


• Change: Down 10.6%


• Purchase Index: 342.2


• Change: Down 10%

Gasoline inventories at 40-year low

The worst inventory problem is in gasoline, which has been dropping
quickly for several weeks and is well below the average range for the
season. Distillate fuel inventories have been dropping as quickly, but
are within the average range

Home sales, mortgage applications drop

Home buyers and refinancing homeowners pulled back last week as
mortgage rates ticked up nearly a quarter percent for 30-year Fixed
Rate Mortgages (FRMs) and three-tenths percent for 15-year FRMs. With
global credit markets seizing up last week, the rate increase isn’t
unexpected. The National Association of Realtors reported today that
those credit market problems caused trouble for existing home sales in
August.

Australian indicators rebounding

Australia’s Leading Index was unchanged in July after dropping half a percent in June. The Coincident Index which was unchanged in June rose 0.2% in July.

Home Resales Fell 2.2% in August

Existing-home sales resumed falling in August and prices took a record drop of 9.5%
from a year earlier, but inventories decreased sharply.

Stocks mixed, dlr falls on bailout anxiety

LONDON, Sept 25 (Reuters) - World stocks steadied, the
dollar fell across the board and the cost of borrowing dollars
in the money market remained high on Thursday as anxiety over a
$700 billion bailout for the U.S. financial system persisted.

Japan logs trade deficit, BOJ cautious over outlook

Money-Market Rates Climb in Asia; U.S. Bailout Doubt Tightens Cash Squeeze

Dollar Falls as Traders Bet on Fed Rate Cut, Bush Warns of Recession Risk