Results tagged “commercedepartment”

The U.S. Commerce Department said that the U.S. economy grew 3.5% during the third quarter. Bloomberg News notes this is the 'first time in more than a year" the GDP has grown, "propelled by stimulus-driven gains in consumer spending and home building," but the NY Times reports, "Even if a recovery is technically in the offing, job seekers likely will not begin to feel the benefits for months to come."

On the national level, sales of existing homes slowed by 17 percent in the second quarter of 2007, compared with the second quarter of 2006, while inventory swelled by 16 percent, according to figures provided by the National Association of Realtors. New homes fared even worse: they fell by almost 19 percent, according to Commerce Department figures.

Continue reading "New York City's Teflon Real Estate Market"