New-homes sales plummeted by 10.9% in January, the biggest drop in seven years, as Americans' worries about the nation's economy overwhelmed the attraction of cheaper mortgage rates.
Despite lower mortgage interest rates, existing single-family home sales dropped in January in tandem with the slowing economy and declining consumer confidence, according to the National Association of Realtors (NAR).
Collins & Aikman shareholders completed the sale of a nearly 60% stake in the company to former Reagan administration official David Stockman's Heartland Industrial Partners L.P. for $260 million.
The new Burlington Rug Corp., a supplier of mass-produced area rugs, has purchased the Burlington House Floor Accent manufacturing facilities in Monticello, Ark. The 1 million-square-foot facility is capable of producing more than 10 million rugs annually.
BASF Carpet Products is launching a new initiative for its advanced engineered fiber, Savant, that addresses the rapidly evolving issue of sustainability in the commercial carpet market.
Armstrong DLW AG, a subsidiary of U.S.-based Armstrong Holdings Inc., has entered into talks with CVC Capital Partners on the possible sale of the
European components of its Textiles and Sports Flooring division, which operates under the brand name Desso.
Housing starts rose strongly in January to their highest level in nine months, the government said in a report that suggested lower mortgage rates were breathing life into the housing market.
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