Stocks closed mixed yesterday after a drop in the last minutes of trading as investors weighed downbeat housing numbers against improving U.S. consumer confidence.
With U.S. unemployment at a lofty 8.6 percent, and with home foreclosures rising and property prices under pressure, more and more Americans have given up the dream of owning, opting instead to rent.
Residential real estate prices dropped more than forecast in the year ended October, showing a broad-based decline that indicates the housing market continues to be weighed down by foreclosures.
Entrepreneur John Fitzsimmons has announced his intention to seek the Progressive Conservative (PC) nomination for Banff-Canmore, left vacant by out-going MLA Janis Tarchuk, who served 14 years in the riding.
Sales of newly built, single-family homes edged up 1.6 percent to a seasonally adjusted annual rate of 315,000 units in November, according to the U.S. Commerce Department.
The National Retail Federation has revised its holiday forecast upward, expecting holiday sales to rise 3.8 percent this year to a record $469.1 billion.
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