Home Prices Tumble at Record Pace in May
New York, NY, July 29, 2008-- Home prices fell at the fastest rate ever in May, according to the Standard & Poor's/Case-Shiller 20-city index.
Today's Flooring News
Keep up to date with the most recent news in the flooring industry. Today's News...As it happens! We update this news several times a day so you can stay connected.
Consumer Confidence Edges Higher
New York, NY, July 29, 2008--Consumer confidence ticked up in July from a 16-year low, according to the Conference Board.
Foamex Extends Rights Offering
Linwood, PA, July 28, 2008--Foamex International said it is extending its rights offering and second lien term loan offering to Aug. 12 from the original July 24 deadline.
Retail Sales Rose Last Week
New York, NY, July 29, 2008--The International Council of Shopping Centers Retail Chain Store Sales Index increased 1.2 percent in the week ending July 26 from its level the previous week.
Write-Offs Drive $23 Million Loss for Meritage
Scottsdale, AZ, Jul 28, 2008--Meritage Homes reported a net loss of $23 million or $0.79 per share, driven by $39 million in pre-tax real estate-related charges.
NFIB Lobbying for Healthcare Reform
Washington, DC, July 28, 2008--The National Federation of Independent Business has begun distributing on Capitol Hill "The Faces of the Healthcare Crisis: Small Business in America."
Tennant Earnings Fall in Second Quarter
Minneapolis, MN, July 29, 2008--Tennant Co. reported net earnings of $8.3 million, or $0.44 per diluted share compared with $10.5 million, or $0.55 per diluted share in the second quarter of 2007.
Oscoda Plastics Signs Canadian Distributor
Oscoda, MI, July 29, 2008 -- Oscoda Plastics Inc., the manufacturer of Protect-All Commercial Flooring, has signed Phoenix Floor & Wall Products of Rexdale, Ontario, Canada, as a distributor.
Forbo Acquiring U.K.'s Bonar Floors
Baar, Switzerland, July 28, 2008--Forbo is set to acquire Bonar Floors, the flooring division of Low & Bonar PLC, a London Stock Exchange listed company, for $244 million.
Huge Housing Bill Goes to President Bush
Washington, DC, July 27, 2008--The Senate approved a comprehensive housing bill on Saturday designed to support the struggling U.S. housing market and as well as mortgage buyers Fannie Mae and Freddie Mac.