NAHB Says Credit Crunch Will Prolong Downturn
Washington, DC, May 1, 2008 - The mortgage credit crunch has spilled over into the housing production loan market, threatening to prolong the current housing downturn.
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.
Planned Layoffs Surge 68 Percent in April
Chicago, IL, May 1, 2008--Planned layoffs in the U.S. jumped 68 percent in April from the prior month to the highest since September 2006, according to consulting firm Challenger, Gray & Christmas Inc.
Consumer Spending Barely Budges After Inflation
Washington, DC, May 1, 2008--Soaring prices for food and energy pushed up consumer spending to a faster pace than expected last month.
Centex Losses Mount for Quarter, Year
Dallas, TX, April 30, 2008-- Homebuilder Centex Corporation reported a $7.34 per share loss from continuing operations for its fourth quarter ended March 31, and a $21.74 loss per share for its fiscal year.
Iranian Carpet Exports Down in Last 12 Months
Tehran, Iran, May 1, 2008--Carpet exports from March 21, 2007 to March 20, 2008 fell by 12 percent compared to the year before, Head of Iran’s National Carpet Center Morteza Faraji said on Wednesday.
Online Job Index Softer Than a Year Ago
New York, NY, May 1, 2008--The Monster Employment Index added seven points in April, as online job availability in the U.S. continued to rise moderately for the third consecutive month.
ArborCraft Signs With Design Flooring Distributors
Johnson City, TN, April 30 --ArborCraft and Design Flooring Distributors Inc. have a new partnership to re-launch the Harris brand and to distribute Harris Wood products in Florida.
Fed Cuts Federal Funds Rate One-Quarter Point
Washington, DC, April 30, 2008--The Federal Reserve lowered a key U.S. interest rate by a quarter percentage point on Wednesday in what could be the last of a series of cuts that began last year.
Economy Continued To Grow in First Quarter
Washington, DC, April 30, 2008--Gross Domestic Product grew an anemic 0.6 percent in the first quarter as the housing and credit markets continue to be a drag on the economy.
Mortgage Applications Fall Off on Fewer Refis
Washington, DC, April 30, 2008 — Mortgage loan application volume fell 11.1 percent last week on substantially lower refinancing activity.