Pending home sales slip in June
The Pending Home Sales Index, a forward-looking indicator, declined 2.6% to 75.7 based on contracts signed in June from an upwardly revised level of 77.7 in May, according to the National Association of Realtors (NAR).
The index, released Tuesday, is 18.6% below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months, according to the NAR.
Lawrence Yun, NAR chief economist, said lower home sales are expected in the short term.
“There could be a couple of additional months of slow home-sales activity before picking up later in the year, provided the job market continues to improve,” Yun said. “Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change to national home values. Some local markets continue to show strengthening prices.”
Trent Lott’s next role: PDIS keynoter
Former Mississippi Senator Trent Lott will deliver the keynote address at the ProDealer Industry Summit at the Hyatt Regency Grand Cypress in Orlando, Fla., Oct. 13 to 15.
Following in the footsteps of such speakers as Newt Gingrich and Pat Buchanan, Lott will bring stories from the front lines of American politics to the Summit, which is hosted jointly by the National Lumber and Building Material Dealers Association (NLBMDA) and Home Channel News.
As a congressman for 16 years, and a senator for 14, Lott presided over major legislative decisions that led to the formation of the Department of Homeland Security and the revitalization of the American military after Sept. 11, 2001. He also served as a bridge builder in the 1996 welfare reform bill.
Lott brings a unique perspective to American politics as well as an enthusiasm for America’s role as a global leader in democracy and free-market capitalism.
Makita unveils pneumatics technology
Makita has unveiled is high-pressure pneumatics technology, which is designed to deliver industrial strength power in a smaller package.
The line features a 2.5 HP air compressor, a 2.5-in. siding coil nailer and 3.5-in. framing coil nailer. The products represent a first foray for Makita into high-pressure pneumatics. The products are promoted as well suited for handling increasingly dense engineered lumber.
"High-pressure technology allows Makita to engineer more compact tools that weigh less and feel better, yet deliver more power and results for the end user."
— Joe Soto, product manager, pneumatics and residential construction