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SOUTHEAST TRENDS - Continued
tration noted that although oil futures
have continued to rise past $135 per barrel
on the New York Mercantile
Exchange, retail fuel stations have seen
enough easing of demand to lower prices.
Nationwide, the average retail price for a
gallon of diesel fuel fell 4.4 cents to
$4.65, an increase of $1.81 per gallon
from last year.
Diesel has nearly topped $5 per gallon
in California, where prices dropped 4.7
cents to $4.92 per gallon, the highest price
nationally. The lowest prices can be found
in the Lake States region, where drivers
are paying approximately $4.57 per gallon.
ATLANTA, CHARLOTTE HOUSING
MARKETS FIRST TO REBOUND
According to UBS, a global financial
services firm, Atlanta, Ga., and Charlotte,
N.C., will likely be among the cities to
lead the U.S. in a housing recovery. UBS
noted an optimistic outlook in those two
markets based on stronger positive trends
in demographics, economic growth,
affordability and inventory. Meanwhile,
Orlando and Tampa, Fla., based on the
same trends, fared the worst.
PENDING HOME SALES
UP IN SOUTHEAST
According to the National Assoc. of
Realtors (NAR), a modest gain in the
level of home sales is possible over the
next few months as more buyers access
affordable mortgages.
The Pending Home Sales Index (PHSI),
a forward-looking indicator based on contracts
signed, recently rose 6.3 percent to
88.2 nationwide, the highest index since
last October but down 13.1 percent yearto-date.
In the Southeast, the PHSI
increased 4.6 percent to 88.8, some 22.5
percent below 2007 figures.
Lawrence Yun, NAR chief economist,
said pending sales contracts have picked
up particularly in areas with significant
price drops. “Bargain hunters have
entered the market en masse, especially in
areas that have experienced double-digit
price declines, but it’s unclear if they are
investors or owner-occupants,” he said.
“Sharp price reductions are leading to a
quicker discovery of price equilibrium
points.”
Richard F. Gaylord, NAR president,
added that the market might be breaking
its holding pattern. “It appears that more
buyers are realizing they can take advantage
of a favorable combination of mortgage
interest rates, home prices and family
income,” he said. “Overall affordability
conditions are the best we’ve seen since
the middle of the housing boom in 2004,
but with far more choices and much less
pressure than buyers experienced four
years ago to make an investment in their
future.”
ALABAMA FOREST CHOSEN FOR
CLIMATE STUDY
The National Ecological Observatory
Network (NEON) has targeted 20 U.S.
sites, including the Oakmulgee District of
the Talladega National Forest in Alabama,
to measure changes in climate, land use,
invasive species and infectious disease.
Amy Ward, a University of Alabama
professor of biological sciences and director
of the university’s Center for
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AUGUST/2008 49