Economy, Housing Market | featured news

Pending sales of existing U.S. homes rose in March for a second straight month, a private survey showed on Monday, supporting views the housing market was close to hitting a bottom.

New orders for long-lasting U.S. made goods rose in February for the first time in seven months and new home sales rebounded, government reports showed on Wednesday, suggesting the economic downturn might be easing a bit.

Sales of previously owned U.S. homes rose at their fastest pace in nearly six years in February, data showed on Monday, providing some good news for the recession hit-economy.

President Barack Obama promised on Saturday to help lower Americans' mortgage costs with a new plan, coming soon, that would revive the financial system and "get credit flowing again."

Home Depot is cutting 7,000 jobs and closing its 34 Expo Design Centers as the recession continues to batter the U.S. housing market.

WASHINGTON (Reuters) - The number of workers lining up for jobless benefits surged last week, while new housing starts and permits hit record lows in December, pointing at an acceleration in the economy's downward spiral.