Left Column
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Right Column
The report was particularly disappointing after the National Association of Realtors on Friday reported an unexpected jump in existing home sales in February - a report that gave a lift to stocks that day. But new home sales, while a smaller part of the housing market, are more of a leading indicator since they are booked when a sales contract is signed, not when the sale is closed, as is the case with existing home sales.
So Monday's report suggests the housing market weakened further in February rather than stabilizing. It also raised fears that problems in the subprime mortgage sector first seen in February could further batteer the struggling real estate market. A recent survey by the National Association of Home Builders found builders saying the subprime woes were already cutting into their sales.
The supply of new homes for sale on the market rose to an 8.1-month supply from 7.3 in January. It was the biggest supply by that measure since January 1991. It is now taking builders 5.2 months on average to sell a completed home, the longest wait since April 2001.
The median price of a new home sold in the month slipped 0.3 percent from a year earlier to $250,000, although that price reading was up from January.
The nation's leading home builders have been reporting tumbling sales and earnings from the slump in home sales and prices.
Center Column
Community College of Southern Nevada is breaking new ground--literally. They are working to build a brand new campus, called a "hybrid-campus." The campus, located at US 95 & Durango, will be set within a developed community. As a "working campus," this location will provide students the ability to work and attend school at the same place. Students will attend classes along side business centers, offices, clinics and restaurants.
CCSN has already gained approval from the Las Vegas City Council, and in March 2006, obtained the rights to sixty acres of land from the Bureau of Land Management. The campus is expected to break ground within eighteen months.
I spoke with Helen Clougherty about the new campus. "The central concept of the campus is to combine education with real world experience" she said. By providing their student body with the "Main-Street" atmosphere of the new campus, CCSN is certain to become a "destination for the surrounding community...CCSN will [also] gain valuable classroom space and increased opportunities for students."
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